Chinese Premier: Stable RMB Benefits US and China

Chinese Premier Says Stable RMB Benefits US and China

Chinese Premier Wen Jiabao told U.S. Treasury Secretary John Snow on Sept. 3 that both China and the United States benefited from a stable Renminbi (RMB).

In a meeting at Zhongnanhai in Beijing, Wen said China adopted a regulated, singular, floating exchange rate regime based on market supply and demand.

"The system is not only appropriate for China's practical situation, but also shows China's high sense of responsibility to the international community," he said.

China would further explore and improve the exchange rate regime along with its financial reform, based on its economic development and performance as well as international balance of payment.

He said the leaders of the two countries perceived and handled bilateral relations from a strategic level, which guaranteed the smooth development of China-US relations.

Fruitful cooperation on such issues as economy, trade, terrorism and the Korean Peninsula nuclear weapons issue proved the two sides shared many common interests and that continuous enhancement of links would be conducive to peace and economic
growth, Wen said.

Wen expressed his hope that China and the United States could put aside differences, seek common ground and eliminate disruptions so as to continue to improve and expand relations.

Trade and economic cooperation were an important foundation of China-US ties, he said. Expansion of trade and economic cooperation according to the principles of equality and mutual benefit would be conducive to the long-term stable development of relations.

He said China would continue to fulfill its commitments on its entry to the World Trade Organization.

Snow thanked Wen for his positive remarks on US-China relations and said Wen's explanation of certain issues of common concern helped improve mutual understanding and trust.

Snow commended China's fast economic growth and appreciated China's achievements in its reform and opening-up.

He hoped the two countries would expand trade and economic relations.

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