Source: CCTV.com

12-13-2007 10:52

Special Report:   3rd China-U.S. SED

China's Central Bank governor warns at a press conference on the sidelines of the Third China-U.S. Strategic Economic Dialogue that China should not over adjust the trade surplus.

He says the country need to take a package of policies to rectify the imbalance, including encouraging exports and limiting imports in trade and loose on inflow and strict on the outflow of foreign exchange.

He also noted that China stresses the importance of the role of the price lever, saying China has started the reform of exchange rate mechanism and continuously expanded the flexibility of the floating of exchange rate.

Meanwhile, China's currency, the yuan, hit a new high against the U.S. dollar on Wednesday. The central parity rate of the yuan stood at 7.3647 yuan to one U.S. dollar, gaining 150 basis points from Tuesday's reference rate of 7.3797.

 

Editor:Xiong Qu