STR
It is not wise for the United States to point its finger at the yuan's exchange rate and demand appreciation, the Chinese foreign ministry said on Tuesday.
"Recently, there are some discordant voices in the U.S. criticizing the yuan exchange rate, and saying it (the U.S.) would adopt any possible means to press for yuan appreciation. It is unwise and also near-sighted," the ministry said in a statement on its website.
"The trade imbalance between China and the U.S. is not decided by exchange rate but by globalization. Yuan appreciation can not solve the U.S. trade deficit, on which the Americans have also reached consensus."
The yuan on Tuesday rose for ninth straight day and broke the important level of 6.70 per dollar for the first time since its revaluation in 2005 following strong criticism from U.S. President Barack Obama about China's currency policy.
The United States, a major currency issuer, should instead focus on its own economic recovery and put its fiscal house in order to help maintain stability of its own currency, it said.
China has been trying to boost its imports from the United States, but the latter must relax its restrictions on high-tech sales to China, it said.
The government's policy to boost domestic demand to reduce the economy's reliance on exports were working, it added.
The ministry added that domestic expectations for yuan appreciation were not strong, and that a stronger currency would do little to resolve the Sino-U.S. bilateral trade imbalance.
The yuan has rallied for nine straight days amid strong criticism from the United States about China's currency policy.