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Attack on China's RMB exchange rate unfair: PBOC adviser
2012/01/27
 

DAVOS, Switzerland, Jan. 27 (Xinhua) -- Attack on China's currency exchange rate is totally unfair as the renminbi (RMB), also known as yuan, has been continuously appreciating, an adviser to China's central bank said Friday.

"RMB exchange rate has probably caused the biggest misunderstanding between China and the world," Li Daokui, a member of the monetary policy committee of the People's Bank of China (PBOC) told Xinhua in an exclusive interview.

"Perceptions about the RMB exchange rate in the international community are absolutely groundless, as the yuan is probably the only emerging economy's currency that has been rising against the U.S. dollar since August last year," said Li.

"Take India's rupee for an example. The currency has declined about 20 percent against the U.S. dollar, while the yuan has been rising continuously, moderately and progressively," he added.

Since the Chinese government embarked on the reform of RMB exchange rate mechanism in June 2010, the currency has appreciated by more than 7.5 percent against the U.S. dollar, according to the PBOC.

Taking into account the higher rate of domestic inflation in China than in the United States, the yuan has appreciated even more against the U.S. dollar, according to a report submitted by the U.S. Department of Treasury to the U.S. Congress on international economic and exchange rate policies in December.

The RMB has risen against the U.S. dollar on a real, inflation-adjusted basis by nearly 12 percent since June 2010 and nearly 40 percent since China first initiated currency reform in 2005, said the report.

 
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