China rejects US demand to boost yuan's value

Source: PressTV
http://www.presstv.ir/detail.aspx?id=120797&sectionid=351020404


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."

Wen emphasized that the stability of China's currency had "played an important role in facilitating the recovery of the global economy from the worst financial crisis in decades."

The real exchange rate of the yuan rose by 14.5 percent against the dollar between July 2008 and February 2009, he noted.