Chinese Yuan is Not Undervalued, Says Premier
Chinese Premier Wen Jiabao said March 14 that he does not believe that the Chinese yuan is undervalued, Sina reports quoting Wen from a news conference at the conclusion of the ten-day National People's Congress. We stand for free trade and oppose the use of coercion to force a country to appreciate its currency, Wen added. A country's exchange rate should be determined by its economy, said Wen.
China will continue to use a "managed" floating exchange rate for its currency that is based in supply and demand and is relatively stable, Wen said.
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