China says to continue yuan reforms

Business

China says to continue yuan reforms

Close

Vice Foreign Minister said China had constantly advanced exchange rate reforms.

09 February,2012 10:10 am

China will continue its currency reforms and recent yuan moves are not due to Vice President Xi Jinpings visit to Washington, a top Chinese diplomat said on Thursday.Vice Foreign Minister Cui Tiankai said China had constantly advanced exchange rate reforms.As for reform of the renminbi exchange rate formation mechanism, we have been always advancing reform for all these years, and in the future we will also resolutely and unwaveringly advance such reforms, he told a news conference.But if one believed that because of a high-level visit we would make a move on the exchange rate, that would truly amount to currency manipulation, Cui added.Xi, considered Chinas president-in-waiting, will meet President Barack Obama at the White House next Tuesday.The U.S. visit will be a major step in signalling Xis readiness to take over as Chinas next top leader and run Beijings complex and sometimes vexed relationship with Washington.