"A lot of facts prove the RMB exchange rate is not the major cause of imbalanced China-U.S. trade," Qin said.

There has been no remarkable change in the U.S. trade deficit with China even as the yuan has appreciated 21 percent against the U.S. dollar since China began reforming the RMB exchange rate formation mechanism in July 2005.

Qin attributed the trade imbalance to the international division of labor, economic globalization, and U.S. restrictions on high-tech exports to China.

"The appreciation of the RMB will not solve the trade imbalance or U.S.'s problems like its low savings-rate, high rate of debt-based consumption, and high unemployment rate," Qin said.

The Chinese government will constantly improve the formation mechanism of the RMB exchange rate to maintain basic stability at a reasonable and balanced level.

The principles for improving the formation mechanism include: independent decision-making, controllability and graduality.

The Chinese government also insists on a managed-float exchange rate system that takes market supply and demand its basis, Qin said.

"As to the question of when and how, we will make decisions according to China's and the world's economic situation," he said.

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