BEIJING, June 28 (Xinhuanet) --China will not bow to pressure from the outside world on revaluing the renminbi and any changes in the nation's foreign exchange will be made on China's own terms, Chinese officials heading to the G20 summit in Toronto said at a press briefing.

The remarks come on the heels of US senators sending proposals to the Obama administration last Thursday calling for fresh pressure on China to allow more flexibility of its currency and a large-scale appreciation, despite the Chinese government's announcement on its foreign exchange reform last weekend.

"Any changes in the foreign exchange will be decided by China's needs for supporting domestic economic development, rather than foreign pressure. Now the country's key goal is to transform the economic growth model, which will impact how the foreign exchange reform goes," said Ma Xin, director-general of the department of international cooperation of the National Development and Reform Commission, China's top economic planner.

The Chinese government recently announced that it will enhance the flexibility of renminbi exchange rate, which ended a fixed peg to the US dollar since July 2008. But this has not reduced the pressure from some countries, led by the US, which are now considering demanding that China takes an even bigger step in currency flexibility.
 1/2    1 2 下一页 尾页