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Meeting the Press
Cover Stories Series 2011> NPC & CPPCC Sessions Wrap-Up> Meeting the Press
UPDATED: March 21, 2011 NO. 12 MARCH 24, 2011
Premier Wen Meets the Press

MEDIA FRENZY: Journalists compete for a chance to ask questions at Premier Wen Jiabao's press conference (REN YONG)

THE MAIN EVENT: Premier Wen Jiabao's press conference is the most-watched event during the session of China's top legislature this year (JIANG XIAOYING)

RMB exchange rate

We will continue to pursue our reform of the RMB exchange rate regime. We have in fact taken three major steps in pushing forward this reform since 1994.

And since 1994, the Chinese yuan has appreciated by 57.9 percent against the U.S. dollar. Our practice has been to de-peg the Chinese yuan from the U.S. dollar. We pursue a managed and floating RMB exchange rate regime on the basis of market supply and demand, and with reference to a basket of currencies. We will continue to make the RMB exchange rate more flexible, in line with changes in the market supply and demand. At the same time, the appreciation of the Chinese currency should be a gradual process, because we must bear in mind its impact on the Chinese businesses and our employment situation. We must ensure overall social stability in this process.

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