The Ministry of Commerce says China is not manipulating the renminbi for the benefit of its export sector.
Ministry of Commerce spokesperson Shen Danyang made the remarks in response to the latest American allegation that China lowered its currency exchange rate to boost exports.
"We've said repeatedly that China has neither intention nor need to pursue export advantage and trade surplus by manipulating the exchange rate. In fact, as many Americans know, the exchange rate is by no means the main factor to influence or determine the trade imbalance between China and the United States."
He notes that the trade surplus has a lot to do with U.S. controls over its own exports to China, which have restricted exports of the most competitive U.S. products to China.
As a result, the share of U.S. high-tech products in China has fallen from 18 percent in 2001 to only 8 percent last year.
Shen Danyang also says China has been reforming its exchange rate system and expanded the floating range in March, bringing more fluctuation.
The RMB has appreciated about 10 percent this year against the euro, nearly 11 percent against the Japanese yen and 4 percent against the pound sterling.
