BEIJING - The exchange rate of the yuan is responsive to market demand and is not being manipulated by the government, a senior official said Wednesday.
Chong Quan, deputy representative for China's international trade talks and former assistant to the minister of commerce, made the remark while talking to reporters at a press conference in Beijing.
"The recent depreciation of the yuan is a good phenomenon. It demonstrates that China's foreign exchange rate is not controlled by the government, as some have claimed," Chong said.
Chong said the currency's appreciation or depreciation is responsive to market demand and will float freely with market changes.