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ASIA PACIFIC - business / finance News
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China denies currency undervalued Updated - 17/3/2010 - bbc.co.uk.
Chinese Premier Wen Jiabao has rejected criticism that China is keeping its currency undervalued in order to boost exports. He said keeping the yuan stable was "an important contribution" to global recovery from the economic downturn. He was speaking at the end of China’s annual parliamentary session. Mr Wen also said that recent strains in ties with the US were Washington’s fault, citing arms sales to Taiwan and a White House visit by the Dalai Lama. Speaking to reporters in Beijing, Mr Wen denied China’s currency, the yuan, also known as the renminbi, was undervalued. US legislators and trade groups say the yuan is kept up to 40% below what its value should be against the US dollar.
news.bbc.co.uk/2/hi/asia-pacific/8566597.stm
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