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          Hu: RMB exchange rate not cause behind US problems

          Updated: 2011-11-13 16:23

          By Wu Jiao (chinadaily.com.cn)

            Comments() Print Mail Large Medium  Small 分享按鈕 0

          Hu: RMB exchange rate not cause behind US problems 

          Chinese President Hu Jintao (L) meets with US President Barack Obama in Honolulu, Hawaii, Nov 12, 2011. [Photo/Xinhua] 

          HONOLULU, Hawaii - The Chinese currency exchange rate is not behind the United States' structural problems including trade deficits and employment, Chinese President Hu Jintao said Saturday while meeting US President Barack Obama.

          China's currency exchange rate policy is responsible, Hu told Obama during a meeting at the 19th Economic Leaders' Meeting of the Asia Pacific Economic Cooperation(APEC) forum.

          The policy goal is to ensure a market-based and managed floating exchange rate system that references multiple currencies, according to Hu.

          Hu said China will steadily advance reform of the renminbi exchange rate mechanism.

          Stressing that the Chinese currency exchange rate is not to blame for the US' structural problems, Hu warned that even an abrupt appreciation of the renminbi would not solve the problems that the United States is facing now.

          Instead, Hu said the US should adopt concrete measures to loosen export controls on high-technology products to China, and offer convenience for Chinese firms investing in the US.

          China and the US now stand as each other's second largest trade partner, with trade volume rising 150 times to $385 billion in 2010 since they established diplomatic ties in 1979.

          The US continues to be the No.1 source of foreign direct investment for China, and China has become the biggest foreign creditor for the US.

          Hu arrived in Honolulu with other Asia-Pacific leaders to attend the annual Asia-Pacific Economic Cooperation Leaders' Meeting over the weekend.

           

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