China blames markets for weak renminbi

China's weakening trade surplus is driving down the value of the renminbi, which is exactly what you would expect from a market-based currency, say government officials.

China blames markets for weak renminbi
The renminbi's value against the dollar can go down as well as up, says China (AFP)

The renminbi’s fall against the dollar during the past few days is the result of a weakening trade surplus and shows that the currency is market-based rather than being manipulated by the government, Chinese officials said yesterday.

Calling the fall a “good thing”, Chong Quan, China’s deputy international trade representative, said at a Ministry of Commerce press briefing in Beijing that the decline proved its critics wrong. Xinhua News agreed, saying in a news analysis...

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