Mofcom denies pressure test on RMB revaluation

According to outside rumors of the "Ministry of Commerce, Ministry of Public work is carrying out the pressure test of RMB appreciation", Ministry of Commerce spokesman Yao Jian said 19th, the Ministry of Commerce did not lead this test.　　In addition, according to media reports, the Ministry of Finance has said it has not launched a second round of revaluation pressure test. Stress testing is more than the industry associations in the consultation according to reporters understand that the current appreciation of the renminbi pressure test is more of the industry's associations in soliciting opinions.　　But whether that means the renminbi will start appreciating in the near future is hard to say. In the past two sessions, Premier Wen Jiabao said the renminbi's currency was not undervalued. The renminbi will continue to adhere to the market supply and demand as the basis of a managed floating exchange rate system, will further promote the reform of the RMB exchange rates mechanism, and maintain the RMB exchange rate at a reasonable and balanced level of the basic stability.　　Since then, a number of senior government officials have reiterated this statement. In response to the growing pressure on appreciation, China's Deputy commerce Minister, Mr. Zhong Shan, said most Chinese exporters have digested the negative impact of the revaluation of the renminbi since 2005, and some export companies have collapsed because of the appreciation of the renminbi.　　Mr. Zhong said further appreciation of the renminbi could jeopardize the survival of more exporters, something China cannot afford. The RMB exchange rate should not be politicized and emotional at a press conference on China-US trade statistics, held in Friday, Ning, the Commerce Department's chief secretary, pointed out that trade in goods is not the whole of Sino-US trade, nor does it fully reflect the profits of both sides; The macro benefits it has gained in China are considerable.　　China and the United States have smooth channels of communication, through consultation can find a proper way to deal with, should avoid the political and emotional economic and trade relations. Yanling, vice president of the Bank of China, told reporters that it was more of an American political goal to revalue the renminbi, and that in fact there were different voices in the United States, with a more sober and sensible voice opposing the appreciation of the renminbi. Yanling further pointed out that, in general, the appreciation of the renminbi has pros and cons, only specific to the industry or company level can weigh the advantages and disadvantages. Whether the renminbi should appreciate should not be politicized and emotional, enterprises should be treated calmly and transfer or evade exchange rate risk through negotiation or using tools such as forward-selling and remittance.