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China

No revaluation of yuan, says Wen

Wen Jiabao after the closure of parliament
Wen Jiabao after the closure of parliament Reuters

China will not revalue its currency, despite US pressure, Prime Minister Wen Jiabao declared at the end of the annual session of parliament. And, he said, the country faces a difficult year as it works to maintain economic growth and spur development.  

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China will carry on with its stimulus policies adopted when the world economy hit downturn in 2008, Wen said.

And, he said, there will be no revaluation of the yuan, or renminbi, despite US accusations that it is kept deliberately low to boost exports.

Wen accused Washington of violating China’s sovereignty in inviting Tibet’s Dalai Lama to he White House and selling arms toTaiwan.

China's double-digit growth - 10.7 per cent in the fourth quarter of 2009 – has prompted fears of overheating and asset bubbles that could later burst, dragging down the whole economy.

Chinese consumer prices rose for the fourth straight month in February while new lending slowed sharply.

Leading analysts predict China may wait a bit longer before implementing tough tightening measures.
 

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