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BEIJING， March 10 (Xinhua) -- For those who assert that China artificially devalues its currency to gain a trade advantage， the kindest interpretation is they are out of date and need to get a grasp on reality.


The renminbi has held steady against the U.S. dollar after withstanding mounting depreciation pressure. So far this year， yuan's central parity rate against the dollar has strengthened mildly.


At the country's annual parliamentary meeting， China reassured the world the renminbi exchange rate would liberalize and that it would never wage a trade war to devalue the yuan to boost exports.


China's central bank governor Zhou Xiaochuan reinforced the view on Friday that renminbi's value will stabilize this year， but fluctuations will be normal considering uncertainties both at home and abroad.


More liberalization points to a greater role for the market in price setting. As it marks a key part of China's market reforms， the country will never hold back on this bumpy journey fraught with twists and turns.


The latest evidence is China shortening the reference period for yuan's trading against a basket of currencies. This technical adjustment has brought price setting closer to the market.


Persistent depreciation of the yuan simply does not serve China's best interest.


Any depreciation would widen gaps with the U.S. dollar， prompting undesirable capital flow out of the country at a rate that could undermine China's financial security in what is a precarious global environment.


Such a move could also disturb China's rebalancing just at the moment it is trying to build an economy driven by consumer spending instead of trade and investment.


China has paid a heavy price in terms of environmental damage and labor shortages amid its unabated advance as an industrial power. Accordingly， policy makers have abandoned cheap exports as a key foundation for seeking growth.


Instead， they are looking towards supply-side structural reform and cutting-edge innovation for inspiration. It takes time and there will be growing pains， but in the long run it will empower the country， showing its inner strength.


Progress has been noteworthy. China has seen steady growth in the export of sophisticated equipment， while trade in low value-added processing is on the wane.


As China move up the value chain and converts its growth model from something not just substantial but to something genuinely sustainable， pursuing a cheap currency is simply not an option. The rest of the world ought to rise above old ideas and open-up to new horizons.


Any effort to delay a market-based exchange rate will undermine China's ambition to turn the renminbi into a truly global currency. A market-based renminbi is not just good for China， but for sovereign and private investors throughout the world.


China's reform is reflected in the International Monetary Fund's verdict that the renminbi is no longer undervalued， and the U.S. treasury has resisted temptations to name China a currency manipulator.


However， this has not stopped a handful of cranky U.S. politicians calling China the "grand champion" of currency manipulators. As David Dollar， a senior researcher with the Brookings Institution， has put it， these are "ironic accusations considering that China has actually been keeping the value of renminbi high， not low".


With the U.S. Federal Reserve poised to raise interest rates as soon as this month， mounting depreciation pressures weigh on the renminbi. So， if the yuan weakens afterwards， isn't this just evidence that the exchange rate is market-driven?


China watchers would be well-advised to focus on the yuan's natural movement in the market， rather than conjuring up pictures of excessive government interference.


As Eswar Prasad， professor of international finance and Chinese economy at Cornell University， has pointed out， considering the fact that paper money was invented in China， it is no surprise that the renminbi is on the rise.


A glorious past is no guarantee of a bright future， but China's consistent progress on exchange rate reform deserves a fair and even-handed judgement.


LISBON Wholesale Otto Porter Jersey , Nov. 28 (Xinhua) -- Portuguese Prime Minister Pedro Passos Coelho on Friday said it is too early to anticipate whether additional measures will be needed for the government to meet its budgetary targets.


"From our point of view it is too early," said Passos Coelho at a national council meeting for entrepreneurship and innovation at the Ministry of Economy Wholesale Jason Smith Jersey , Portuguese media reported.


Passos Coelho was being questioned by journalists after the European Commission (EC) warned on Friday that Portugal's budgetary plans were at "risk of non-compliance."


Brussels also said the budgets of Belgium, Spain Wholesale Marcin Gortat Jersey , France, Italy Wholesale Kelly Oubre Jr. Jersey , Malta and Austria were at risk of non-compliance.


Portugal's economic outlook has improved and the economy grew 0.3 percent in the third quarter, the National Institute of Statistics said on Friday.


"If our fiscal revenue continues to rise Wholesale Markieff Morris Jersey , it is not because of tax rises, it is because economic activity is growing Wholesale Bradley Beal Jersey ," Passos Coelho pointed out.


He added that it would be a "point of honor" to achieve a deficit below three percent, saying the government would do everything in its hands to put the economy back on track Wholesale John Wall Jersey , which could mean budgetary adjustment if necessary.


Portugal forecasts a budget deficit of 2.5 percent of GDP for 2015, two percentage points above the figure agreed with its international lenders during its bailout program Wholesale Chris McCullough Jersey , but below the figure forecast by the EC.


Portugal's draft budget aims to cut the deficit from this year's forecast of 4.8 percent and will attempt to ease austerity, though it has been criticized by the opposition for continuing austerity and using solutions of the past.

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