Li Yining, economist, on China's exchange rate

Li Yining, a prominent economist, on misconceptions surrounding the Chinese exchange rate:
"The are many misconceptions abroad; China’s exchange rate is not controlled by the government. People like to say we can decide exchange rates as we wish, but that’s not true. The fluctuation of the exchange rate is a result of market fluctuations, rather than a result of the government’s intention to manipulate."