Radio New Zealand - Te Reo Irirangi o Aotearoa

Chinese leader denies currency under-valued

Updated at 11:15 am on 15 March 2010

Chinese Premier Wen Jiabao has rejected criticism that China is keeping its currency under-valued in order to boost exports.

Speaking at the end of China's annual parliamentary session, Mr Wen said keeping the yuan stable is an important contribution to global recovery from the economic downturn, the BBC reports.

Mr Wen also said that recent strains in ties with the United States are America's fault, citing arms sales to Taiwan and a White House visit by the Dalai Lama.

He denied that the yuan, also known as the renminbi, was under-valued.

American legislators and trade groups say the yuan is kept up to 40% below what its value should be against the US dollar.

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