China rejects US demand to boost yuan’s value


Truth feeder
Press TV
Sunday, March 14, 2010

Chinese Prime Minister Wen Jiabao has rejected pressure by the US and a number of other nations for a faster appreciation of the Chinese currency.

“A country’s exchange rate policy and its exchange rates should depend on its national economy and economic situation,” DPA quoted Wen as saying on Sunday.

Wen said he rejected “finger-pointing” by nations who accuse China of keeping the value of yuan low in order to make its exports cheaper.

He added that China planned to “further improve the yuan exchange rate formation mechanism and keep the yuan exchange rates basically stable at a reasonable and balanced level.”

Full story here.