RMB exchange rate to new high school or facing the risk of depreciation of foreign reserve

 From the China Foreign Exchange Trade Center's latest data show that on Jan. 18 reported central parity rate of RMB 6.5891 to the dollar, setting a record high since the exchange rate reform. Previous day, reported the central parity of RMB against the U.S. dollar 6.5897.

closed for holidays on Monday the United States for the international currency relatively light trading, the dollar rebounded slightly, European currencies trend in polarization.

Chinese Foreign Ministry said yesterday that China committed to promoting the RMB exchange rate reform, but also stressed that the exchange rate is not the main cause of Sino-US trade imbalance, and hope that U.S. lawmakers to avoid harm to the overall interest of Sino-US trade. RMB exchange rate policy is responsible; hope President Hu Jintao visited the United States will actively promote China-US relations.

Yin Zhongqing, deputy director of the NPC Financial and Economic Committee, said China's 2010 GDP is expected to reach 39 trillion yuan, equivalent to 8.5% of global GDP, and over Japan as the world's second largest economy. Yin Zhongqing said that the appreciation of the RMB is facing tremendous pressure, China also faces the challenge of hot money inflows, while the United States is through the depreciation of the dollar to reduce foreign debt.

Chinese think-tank researcher said that China faces huge foreign exchange reserves, the risk of depreciation, the euro and yen assets need to increase the proportion of foreign exchange reserves.