I think it's very clear that China is introducing a new exchange rate mechanism. It is not a one-time adjustment.

What the premier said means that China would continue to increase the flexibility of the RMB exchange rate in a gradual manner.

Some US economists assume that the exchange rate is the key to fixing the trade imbalance However, such assumptions failed in statistical tests by using the trade data and the real effective exchange rate recorded in China over the years.

instead of transferring various risks to the government, as they did under the fixed-exchange regime.

China has undertaken several reforms related to the safety net, healthcare reform, pension reform, education reform in the hope to reduce precautionary savings.

We don't accept the concept of currency manipulation; it is not a clearly defined economic concept.