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Since China embraced Deng Xiaoping's reforms on 22 December 1978, China has experimented with different exchange-rate regimes. Until 1994, the yuan was in an ever-depreciating phase against the U.S. dollar.

We have believed for many years, much earlier than anyone else was talking about this issue, that it was in the interest of China to evolve to a more flexible exchange rate system.

Most economists use 'fixed' and 'pegged' as interchangeable or nearly interchangeable terms for exchange rates.

The amount of currency in circulation is not changing. The money supply is not changing in any significant way.

The U.S. berates China for its exchange rate policy, which Washington doesn't like. But one-sided pressure on China to change its exchange rate is misplaced.

The world is constantly in a race to the top, in terms of there's a limited amount of capital and you've got to figure where it's going. And if your currency is weakening, that means you're paying a load.

Although economists have studied the sensitivity of import and export volumes to changes in the exchange rate, there is still much uncertainty about just how much the dollar must change to bring about any given reduction in our trade deficit.

We believe in fair exchange rates and Japan doesn't practice that. They have massive U.S. dollar reserves, and they use them to intervene regularly.

Well, I make a practice of not commenting on the role of the relative exchange value of our currency.

We book our exports forward for more than a year, and so we have a fixed rate. We do not get the spot rate that we see in the market every day.