Economy

China wants yuan exchange rate 'stable'

(Xinhua)
Updated: 2010-05-20 09:59

VIENNA -- Chinese Minister of Commerce Chen Deming stressed Wednesday that, especially under the current financial crisis, the exchange rate stability is the most important, which is not only a national responsibility, but also a responsibility for the world economic recovery.

At a press conference jointly held with Reinhold Mittelehner, the Austrian Minister of Economic Affairs, and Christoph Leitl, president of the Austrian Chamber of Commerce, Chen said China will continue to maintain the stability of the Chinese yuan exchange rate to ensure economic stability.

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He believed that the exchange rate has an impact on national trade, but it is not the decisive factor. National trade would be more affected by such other factors as economic structure, resource allocation, as well as the stage of technology and development.

He also stressed that the exchange rate is a sovereign issue of each country, which should be set by each country according to its own situation.

The Chinese trade and investment promotion mission with over 80 Chinese enterprises, which is led by Chen, participated in the economic forum held by the Austrian Chamber of Commerce, discussing with about 100 major Austrian enterprises and signing a series of economic cooperation agreements.