US urged to 'understand' yuan issue

Ministry says China will continue to reform exchange-rate system

China has responded to claims by the United States that the yuan's recent depreciation was the result of "large-scale intervention" by urging the US to "correctly understand and properly handle" the issue of the currency's exchange rate.

Hua Chun-ying, a spokeswoman for the Ministry of Foreign Affairs, told a regular news briefing in Beijing on Wednesday that the US should take a "constructive attitude" toward the matter and promote closer China-US economic and trade ties. She added that China will continue to reform its exchange-rate formation mechanism.