Related: Central banker holds line on yuan reform

RMB exchange rate reform needs time 

    BEIJING, April 25 -- Wei Benhua, deputy director of the State Administration of Foreign Exchange, attended the Boao Forum for Asia and stated that the RMB exchange rate adjustment depended on numerous factors. "To adjust or not adjust the RMB is a question that has no consensus". The Adjustment of the RMB, therefore, has no timetable.

    This official admitted that a flexible exchange rate system would be advantageous to the overall economy. He said that if China could not implement a more flexible exchange rate mechanism, the country would face difficulties in maintaining stable economic growth and its developmental trend would be shortchanged. At the same time he said that the issue of adjusting the RMB needed more research and work, including how the currency change might affect China's neighbors.

    Regarding America's accusations of China on the issue of the RMB, Wei said that the trade deficit was America's own problem. "The U.S. should first clean house before helping her neighbors."

    (Source: Chinanews.com)