Chinese Yuan appreciated 14.5% when World economy was worst hit

Premier Wen Jiabao said Sunday in Beijing, that keeping the RMB exchange rate basically stable played an important role in facilitating the recovery of the Global economy from the worst financial crisis in decades.
When the global economy was worst hit between July 2008 and February 2009, the real effective exchange rate of the RMB has risen by 14.5%, Wen told a press conference after the annual parliament session.

Wen went on to say that the development road of China will be bumpy and even thorny in the next few years, and he called for “un-slackened” efforts to tackle difficulties, saying “we must have firm confidence.”

“No matter how high a mountain is, one can always ascend to the top. It is the only way out and hope when facing difficulties lie in our own efforts,” Wen said. He also said he holds deep love for the country and vowed strong commitments in the next 3 yrs of his term.—Paul A. Ebeling, Jnr. www.livetradingnews.com

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