The currency is the sovereignty of China. We believe it best to have informal discussions than have any external pressure that might have counter-effects.

The U.S. administration wants to put more pressure on countries that are deemed to be currency manipulators, like China.

The U.S. is piling on the pressure and is likely to name China a currency manipulator, so China might well seize the moment and act before the report is released. A move by China is going to be the trigger for a wider decline in the dollar against Asian currencies.

I wish to state strongly that protectionist impulses have no place in modern economic governance.

China has emphasized that they do not want to make the currency issue into a political issue, which means that China will continue to hold dialogue with trading partners to search for proper solutions, and the exchange rate is not necessarily the only means to do that,

we have expressed our position on the currency exchange rate on many occasions; this within our sovereignty...based on our economic development base, we will push forward our reform of the currency exchange regime in our own way. I think the U.S. is quite clear on this question.