The Chinese exchange rate has little role to play in rebalancing bilateral trade with the United States, a senior Chinese central bank official said in comments published on Tuesday.
Hu Xiaolian, a vice governor of the People's Bank of China, also said that the global economy was recovering, albeit at a crawl.
Sure, there is some volatility but it won't double dip, she told the Wall Street Journal. But the recovery will be quite slow.
In her comments about the yuan, Hu reiterated a long-standing admonition that criticism would not advance the issue. The yuan depegged from the dollar in June following repeated calls from Washington for a revaluation.
My view is that the yuan doesn't have a key role to play in rebalancing bilateral trade between the U.S. and China, Hu said.
I don't think excessive debate on this issue will help.
The yuan fell 0.48 percent against the dollar in August, its biggest monthly loss since a landmark revaluation five years ago and a strong signal that Beijing's stated commitment to reforming the exchange rate may not mean much in the way of appreciation.
Hu said that China was working to rebalance the global economy by stimulating domestic consumption and called on the United States to do its part by increasing savings.
We're taking concrete action and we hope there will also be some change in the growth pattern of the U.S. economy, she said.
(Editing by John Stonestreet)