China to be more flexible on currency
22 May 2008
China said it would "enhance the flexibility" of the renminbi exchange rate in order to reduce trade surpluses, AFP reported. "The Chinese government will continue its efforts in pushing forward the reform of the RMB exchange rate regime in the future," said Deputy Minister of Commerce Qiu Hong at a World Trade Organization meeting in Geneva. China's trade surplus rose sharply to US$16.7 billion in April from US$8.6 billion in February. The US and EU have frequently complained that China's currency is undervalued, giving Chinese exports an unfair advantage.
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