The depreciation of RMB exchange rate is in recent days is a very good phenomenon, said an official of the Chinese Ministry of Commerce.
He said, due to concerns on economic slowdown in China and exodus of hot money, the RMB exchange rate is showing signs of devaluation. The RMB has consecutively hit intraday down limit for many days against the US dollar.
He added, this indicates that the RMB exchange rate is not manipulated by the Chinese government and is under market regulation.
The official was speaking at a function to release the White Paper on “China's foreign trade" at the Information Office of the State Council.
He said that, China needs to improve its quality and efficiency in global trade and it should deliberately not pursue a trade surplus. China's imports are expected to exceed US $8 trillion in the next five years.
Fibre2fashion News Desk - China
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