Chinese currency at 'reasonable' range: China commerce minister

“The current range is a completely reasonable range acknowledged by the international community,” Chen Deming told reporters at a press briefing during the nation's annual parliamentary session.

“It is completely unreasonable to use the trade situation as a pretext to require the yuan to appreciate by large margins.”

Critics claim the yuan is hugely undervalued, giving Chinese exporters an unfair trade advantage by making their goods artificially cheap.

But China's Premier Wen Jiabao recently countered this, saying a sharp rise in the yuan would be bad for the country, bankrupting businesses and leaving workers jobless.

Chen on Monday said the yuan would gradually appreciate over the long term. It rose to a record high against the U.S. dollar late Monday, according to Dow Jones Newswires.

Subscribe to The China Post and save 25%. Click here

PrintEmail

Write a Comment

Terms

Enter your comments - 3000 characters max

Type in image code

Submit

 Receive China Post promos
 Respond to this email