24 Aug, 2011
Stronger RMB does not mean unilateral revaluation – People’s Daily Online
A stronger RMB will exert a profound and far-reaching influence on the structure of the Chinese economy. It can promote the development of non-tradable sectors like the service industry and boost the upgrading of tradable sectors, bringing both pressure and impetus for China’s economic restructuring.
The RMB has continued to rise against the U.S. dollar recently, which is normal market behavior. It is a reasonable reflection of supply and demand and a result of the relatively weak performance of major world currencies. The RMB’s recent uncommon rise against multiple major currencies has shown the flexibility of its exchange rate formation mechanism. This flexible mechanism can present China’s economic changes in a timely fashion, and it is able to withstand pressure from foreign countries.
via Stronger RMB does not mean unilateral revaluation – People’s Daily Online.
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