China-MOC Briefing/Exchange Rate

Exchange rate volatility is not determinant for imports or exports: MOC spokesman

  • English

Shotlist


FILE: Date and location unknown
++16:9/MUTE++
1. LED screen showing yuan sign
2. Various of Chinese yuan banknotes
3. Various of U.S. dollar banknotes

Beijing, China - Sept 14, 2017
++4:3++
4. SOUNDBITE (Chinese) Gao Feng, spokesman for China's Ministry of Commerce:
"As we have always underlined, the exchange rate change is a double-edged sword to foreign trade development. But rises and falls of exchange rates are not the decisive determinants for imports or exports."

FILE: Date and location unknown
++MUTE++
6. Various of containers at port
7. Plane

Beijing, China - Sept 14, 2017
++4:3++
8. SOUNDBITE (Chinese) Gao Feng, spokesman for China's Ministry of Commerce:
"Against the backdrop of slow recoveries of global economy and increasingly more complicated environment of monetary policies, that the RMB exchange rate is kept at a generally rational level of equilibrium will be conducive to development of foreign trade as a whole. This ministry is working with related departments to expand RMB settlement in cross-border trade and investment, and to enhance enterprises' capacities to cope with exchange rate-triggered risks."

FILE: Beijing, China - Exact date unknown
9. Various of State Administration of Foreign Exchange

++16:9++
10. Various of People's Bank of China
11. Port
12. Cityscape
13. Various of containers at port

Storyline


China's Ministry of Commerce (MOC) said Thursday that volatility of exchange rates is not the sole determinant for imports or exports.

Gao Feng, the ministry spokesman, made the remarks at a press briefing in Beijing.

"As we have always underlined, the exchange rate change is a double-edged sword to foreign trade development. But rises and falls of exchange rates are not the decisive determinants for imports or exports," said the spokesman.

Gao cited the past year as an example. In 2016, the Chinese currency of RMB depreciated 6.4 percent against the U.S. dollar while China's imports and exports both headed downward. In the first eight months of this year, however, while central parity rate of the yuan against the dollar rose by 5.1 percent, China's exports rose 7.6 percent and its imports upped 16.9 percent. Exports and imports combined to increase 11.6 percent.

"Against the backdrop of slow recoveries of global economy and increasingly more complicated environment of monetary policies, that the RMB exchange rate is kept at a generally rational level of equilibrium will be conducive to development of foreign trade as a whole. This ministry is working with related departments to expand RMB settlement in cross-border trade and investment, and to enhance enterprises' capacities to cope with exchange rate-triggered risks," said the spokesman.

Thanks to sound and stable economic fundamentals and other favorable factors, the exchange rate of RMB against a basket of major currencies and its real effective exchange rate has remained basically stable so far this year.

DOWNLOAD
  • ID : 8061053
  • Published : 2017-09-14 22:39
  • Last Modified : 2017-09-15 19:01:51
  • Location : Beijing,China
  • Category : economy, business and finance
  • Duration : 1'50
  • Audio Language : Chinese/Part Mute
  • Source : China Central Television (CCTV)
  • Restrictions : No access Chinese mainland
  • Version : 2
Login
Username
Password
code
Sign In
OK