BEIJING, Feb. 18 - We wish to provide a clarification over the RMB/U.S. dollar position as quoted in conversations with Vice Minister Zhang Xiaoqing and CBRC Chairman Liu Mingkang.
Both gentlemen acknowledged that the RMB position against the U.S. dollar was currently felt to be at the correct level, however in terms of a weakening of the Chinese economy and an anticipated rise in unemployment the RMB may eventually reach a further ‘acceptable’ level against the US dollar. The RMB is also part of a basket of currencies and is not solely linked to the U.S. dollar.
A comment made elsewhere stating the RMB would reach 6.95 / 7.00 against the U.S. dollar cannot be attributed to either official.
We apologize for any confusion over these remarks which resulted from an error in transcript and translation.
