America is denounced in ill-use of remedial measures

Spokesman Yao Jian with the Ministry of Commerce said recently that, yuan’s rate was not resulted in the issue of surplus or deficit amid <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />China and America, nor was the root cause of world economic unbalance. It’s clearly like to cure but with the wrong prescription, no matter to lay the fault on yuan’s rate for the slowdown of US economy or of the world.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Speaking of the nation’s foreign trade, Yao Jian said the import was far above export in volume in view of previous 15 months growth, presenting shrinking of surplus by US$ 100 billion from 290 billion to 190 billion ,with the prediction of further shrinking would occur even seeing monthly deficits by chance.

Yao indicated China has played an important role in its expended export to promote the world recovery and in strengthened international cooperation to face the financial crisis. In this case, China would speed up its import trading to release more developing space for global market.

When referring to yuan’s rate, Yao stated that one of the key points in current economic policy was to make Renminbi stabilized, either for a firmed world financial market or for the balance of China’s trading, compared with the 15 months record of its industries operations.

In addition, Yao pointed out, recently it saw shakes of sovereign debt crisis  in recent world financial market, especially amid European countries called --“PIGS”, in this state, Renminbi would a strong support to stabilize the world finance with its firmed rate.