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Yuan's exchange rate is not the main reason for the problems in the U.S. and global economic imbalances, a Commerce Ministry official said Thursday, denying Washington's criticism.
"RMB foreign exchange rate is neither the root of trade imbalance between China and the United States, nor the main cause of the world economic imbalance," Xinhua News Agency quoted Commerce Ministry spokesman Yao Jian.
He blamed that such an accusation lack basic judgment. Yao reaffirmed that a stable yuan would support in stabilizing the global financial market.
The U.S and the European Union have pressed China to strengthen its currency in order to bridge their trade gap with China.
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