MOFCOM: RMB exchange rate stable

Vice Minister of Commerce Chen Jian has said that the RMB exchange rate is not undervalued, adding that the Chinese government will make a responsible decision independently. Chen said the major problems for the world is imbalance, and such an imbalance is caused by bad economic policies implemented by other countries.

Imbalances exists in industrial structures and international monetary management. Under such circumstances Chen said there's no reason to raise the Yuan's exchange rate. Referring to the trade issue, Chen said although figures for March have not yet come out, China was very likely to have a trade deficit. He says it shows the Chinese government does not pursue a trade surplus on purpose, but it lets the market decide.

Vice Minister of Commerce Chen Jian has said that the RMB exchange  rate is not undervalued, adding that the Chinese government will  make a responsible decision independently.