China fights back over G7 currency criticisms

Wu Xiaoling, the deputy governor of the People's Bank of China, said the country's current policy on the appreciation of the renminbi was a responsible one despite claims to the contrary by the world's leading finance ministers.

Speaking in Washington on Friday, Wu said that the central bank's efforts to control the value of the currency "shows the responsibility of China as a large emerging market" and "were not a manipulation of the exchange rate".

Wu said that China has looked to reform

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