Start buying more RMB!

The Shanghai-based Dongfang Daily recently reported that "MOFCOM allowed the RMB to rise 4%". The MOFCOM called this report "purely speculation and totally against the facts". Two issues:
1. Is the MOFCOM responsible for exchange rate? If yes, when?
2. Is the under-valuation of RMB a subsidy under WTO? See the interesting discussion here.