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China stands by exchange rate stance

China stands by exchange rate stance
0 CommentsPrint E-mail CNTV, October 2, 2010
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US Treasury Secretary Timothy Geithner says a trade or exchange rate war will not break out between the US and China. But he adds that, if China's exchange rate continues to rise, it will have a great influence on the economies of both nations.

According to the China Foreign Exchange Trade System's website, the exchange rate was 6.7 RMB to 1 US dollar Thursday, a 1.6 percent increase from a month ago.

Meanwhile, the US House of Representatives approved legislation demanding an increase in China's exchange rate.

In response, Chinese Foreign Affairs Ministry spokeswoman Jiang Yu says China firmly opposes the legislation, and increasing the exchange rate won't help close the Sino-American trade deficit, or reduce unemployment in the US.


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