The appreciation of the Chinese currency, the yuan, would not be a great help in reducing the US trade deficit and creating jobs, a Chinese economist said in New York Monday.
The US Chamber of Commerce in China on Wednesday voiced its opposition and "regret" at the US Senate's passage of a bill designed to push China to let the yuan appreciate further.
Pressing China to appreciate its currency will only harm economic relations between China and the United States.
The renminbi (RMB), China's official currency, rose to a new ratio of 6.4696 yuan per US dollar on Monday.
A group of US lawmakers have re-launched an attempt to punish China into reforming the RMB exchange rate.
Ben Bernanke urges yuan rethink
Leading Chinese economists said that the yuan will continue to gradually appreciate in the years to come at a seminar on the Chinese economy held at the New York Stock Exchange on Monday.
The Chinese currency Renminbi, or the yuan, gained 19 basis points to a record high of 6.3972 per $1 on Friday, according to the China Foreign Exchange Trading system.
Experts say rise shows market has confidence in Chinese economy.
SHANGHAI - The value of the yuan will fluctuate greatly this year but ultimately appreciate by 2 percent to 3 percent against the US dollar.
The upcoming Strategic and Economic Dialogue between the US and China is an excellent opportunity to examine and rethink America's priorities.
The supply and demand relations in the market are playing an increasing role in deciding the exchange rate of the Chinese currency, the central bank governor said Monday.Economy faces uncertainties
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