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Hu Xiaolian, vice governor of China's central bank, says the Chinese exchange rate has little role to play in rebalancing bilateral trade with the US.
She says the yuan is not a major factor in rebalancing bilateral trade between the US and China and the criticism won't advance the issue. She also says that the global economy is slowly recovering. The yuan fell nearly half a percent against the dollar in August, its biggest monthly loss since a landmark revaluation five years ago. It's a signal of China's commitment to reforming the exchange rate, though that does not necessarily mean appreciation.
- Rising yuan will not hurt trade, say bankers 2010-08-01