China's PM defends currency peg

China's premier Wen Jiabao has said China's policy of pegging the yuan to the US dollar was "based on market demand and supply and is in line with China's reality". "To keep the renminbi (yuan) stable at an appropriate and balanced level is conducive to the economic stability not only of China but also of the region and the world at large," he said in Bali ahead of the Asean summit.

Source: BBC

China's Premier Wen Jiabao has insisted that China will not be railroaded into revaluing its currency

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