China makes 'own decision' on trade disputes with US

Source: PressTV
http://www.presstv.ir/detail.aspx?id=122250§ionid=3510213


Chinese Vice Commerce Minister Chen Jian has said his country will make its own decisions on the foreign exchange policy.

"The Chinese government will make responsible and independent decisions on the foreign exchange policy based on its economic and monetary situation," Chen told reporters on Friday.

The Chinese official further rejected US accusations that the yuan is undervalued.

"This is nothing to be criticized. China's foreign exchange rate is not undervalued," he added.

US officials claim that the yuan is undervalued by as much as 40 percent against the dollar.

According to Chen, the yuan was not to blame for global economic problems.

"A disease in the head cannot be cured by treating the foot," he went on to say.

"The imbalance in the world economy is rooted in mistaken policies in some countries... and imbalances in the international monetary management system."

He made the remarks amid strains in the two countries' relationship over a number of issues including Taiwan and Tibet as well as trade disputes.