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ntral parity system."I think initially when they started changing the system a year ago, they were not good at communication, and there was a ▓lot of confusion i

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n the market about what their intention was," David Dollar, a senior fellow with the Brookin

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gs Institution and former official of the World Bank and the U.S. Treasury Department, told

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Xinhua.However, Chinese authorities pro▓vided "pretty good and clear communication" about its

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exchange rate policy over the next few weeks and months, Dollar said, citing authorities' a

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rguments that they wanted to have more market forces involved and there was no need for lar▓g

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e depreciation of the currency.Chi▓nese officials have also repeatedly said that China has no

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rection to increase

intention of devaluating the RMB to▓ gain an advantage in global trade. China has successful

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ly moved up the value chain into higher value-added products and its share of globa▓l exports

rket forces in the

continued to expand in recent years despite the significant appreciation of the R▓MB, accord

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ing to Nicholas Lardy, a senior fellow a▓t the Peterson Institute for International▓ Economics