Minister of Commerce: economic stimulus plan to be fine-tuned

On March 8, Chinese commerce minister Chen Deming stated at the second Plenary Session of the third Session of the 11th NPC that China will reform the RMB exchange rate in the gradual and controllable form, and Chinese economic stimulus plan including the RMB exchange rate will be continuously implemented but fine-tuned.

Chen claimed that all the present financial polices of China including the RMB exchange rate are the ones adopted during the global financial crisis for stimulating economy while the move to retreat economic stimulus does not mark that all the measures will be removed, which will be continuously carried out but slightly fine-tuned.

For the stabilization of the RMB exchange rate for one year, Chen said that the tendency and stabilization of the RMB should be different from that in the crisis while the orientation of RMB reform will be progressive and controllable. The US dollar against the RMB exchange rate fluctuates at about 6.83 since last year, during which the Ministry of Commerce was attaching great importance to the effects of exchange rates on key foreign trade enterprises for exchange rate to render them to have a stable anticipation in a bid to guarantee export market.