--U.S. Department of the Treasury's Assistant Secretary for International Finance Charles Collyns recently said that the United States will continue to put pressure on China before the APEC summit, urging it to accelerate the pace of RMB appreciation. 

Drastic fluctuations in RMB exchange rate partly due to speculation 

The central parity rate of the RMB against the U.S. dollar set new highs four times prior to the G20 summit, rising from 6.35 to 6.32. It even broke 6.32 for the first time, setting a new record since the reform of the RMB exchange rate system. 

Guo Tianyong, director of the Research Center of the Chinese Banking Industry at the Central University of Finance and Economics, said that the recent moderate fluctuations in the RMB exchange and the repeated new highs of the RMB exchange rate against the U.S. dollar have mainly resulted from the economic downturns in Europe and the United States and their relaxed monetary policies. 

However, the RMB exchange rate may further appreciate in the long term and China will promote its appreciation in a gradual manner. 


RMB exchange rate stands within a basically reasonable range

China¡¯s Minister of Commerce Chen Deming has reiterated that the RMB exchange rate is within a basically reasonable range. China's trade surplus is only a little above 1 percent of GDP, and its overall international balance of payments surplus is far below 3 percent of GDP.