Business / Economy

No need to stimulate exports by devaluating RMB: central bank governor

(Xinhua) Updated: 2016-03-12 11:40

BEIJING - Despite sluggish foreign trade, there is no need for China to resort to special measures to improve competitiveness of its exports, central bank governor said Saturday.

"China's products are still competitive in the global market," said Zhou Xiaochuan, governor of the People's Bank of China, at a press conference on the sidelines of the ongoing annual parliamentary session.

The depreciation of the Chinese currency renminbi, or the yuan, stoked concerns that China may count on the falling currency to prop up its foreign trade.

However, Zhou dismissed the concerns and said the market should pay more attention to China's net exports, citing nearly $600 billion of goods trade surplus in 2015.

"The share of China's exports edged up in the global trade," Zhou said.

Weighed on by weak global demand, exports slumped more than 20 percent in February, the sharpest drop since May 2009, while imports dropped 8 percent.

Zhou attributed the lackluster data to plunging global commodity prices, especially crude oil, and said China actually imported more goods last year. "The imports of crude, copper, grain and soybean rose and only those of coal and aluminum saw drops."

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