China said Wednesday that it will continue reforms of its currency exchange rate mechanism. That came after the U.S. Treasury expressed concern with the Chinese yuan’s recent depreciation.
The yuan appreciated nearly 3 percent against the dollar in 2013 but its value has dropped almost 3 percent since the beginning of this year.
The U.S. Treasury said in a report Tuesday that it will keep a close eye on the yuan’s fluctuation, because it hasn’t appreciated enough since China let go of a fixed rate in 2010. But at the same time, though, the Treasury declined to label China a currency manipulator.
The Chinese Foreign Ministry, meanwhile, said that it hopes the U.S. can see that China is properly handling the relevant issues.
The yuan appreciated nearly 3 percent against the dollar in 2013 but its value has dropped almost 3 percent since the beginning of this year.
The U.S. Treasury said in a report Tuesday that it will keep a close eye on the yuan’s fluctuation, because it hasn’t appreciated enough since China let go of a fixed rate in 2010. But at the same time, though, the Treasury declined to label China a currency manipulator.
The Chinese Foreign Ministry, meanwhile, said that it hopes the U.S. can see that China is properly handling the relevant issues.
Source: CCVT
