At a regular press conference, he said, “We hope that the US side will properly handle a series of trade and economic issues, including the exchange rate of the RMB.”
The US Treasury announced on Tuesday that China does not manipulate its currency, the Renminbi.
When asked to comment on the US Treasury announcement, Hong said that the RMB is moving close to a balance against foreign exchanges as the country’s trade surplus has become progressively insignificant as compared with its gross domestic product (GDP).
“The question of undervaluation (of the RMB) is non-existence,” Hong said.
Also at the news conference, Hong was asked about the proposed acquisition of Canada’s oil and gas company Nexen by a Chinese company. He said, “We hope the relevant parties support this trade and economic project that will benefit both Canada and China.”
Hong said cooperation in this respect is conducive to the growth of trade and economic links between China and Canada.
“It is a win-win, mutually beneficial project,” he added.