“The Chinese government will make responsible and independent decisions on the foreign exchange policy based on this economic and monetary situation,” said Vice Commerce Minister Chen Jian, reported by the AFP.
“This is nothing to be criticized. China’s foreign exchange rate is not undervalued.”
Some economic analysts believe the yuan is undervalued by 40 percent, providing China with an advantage in exports and manufacturing.
“The imbalance in the world economy is rooted in mistaken policies in some countries… and imbalances in the international monetary management system,” said Mr. Chen.
“The disease in the head cannot be cured by treating the foot,” he said.
“We let the market decide,” said Chen.
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