U.S. finger-pointing at the yuan’s exchange rate is short-sighted and unwise, China’s foreign ministry said in response to comments by President Barack Obama.
“A number of discordant voices in the U.S. have recently pointed to the renminbi exchange rate, and suggested all possible ways to push for its appreciation,” spokeswoman Jiang Yu said in a statement on a government website today. “This is unwise and shortsighted.”
Jiang said the yuan’s exchange rate cannot solve the U.S. trade deficit. She called on the U.S. to pay attention to encouraging stable economic growth and said that as a nation with a reserve currency, it should pursue responsible monetary and fiscal policies to keep major currencies stable.