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Chinese Premier Wen Rejects Yuan Pressure

   US President Obama recently urged Beijing to alter its exchange rate.

     14 March 2010
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Photo: AP

   Wu  Bangguo, National People's Congress Chairman, front row, announces
   the  opening of the National People's Congress as Chinese President Hu
   Jintao,  2nd  row left, and Chinese Premier Wen Jiabao, 2nd row right,
   clap  in  Beijing's  Great Hall of the People, China, Friday, March 5,
   2010. (AP Photo/Ng Han Guan)

   Chinese  Premier  Wen Jiabao says he will not be bullied into changing
   China's exchange rate.
   The  Chinese  leader told reporters at a news conference following the
   end  of  China's  annual  parliament meeting that his country will not
   yield to external pressure for yuan exchange rate reform.
   U.S.  President  Barack  Obama  last  week  urged Beijing to embrace a
   "market oriented" exchange rate for its currency to help rebalance the
   global economy.
   The  Obama  administration  has  accused  Beijing  of keeping the yuan
   artificially  undervalued  to  make  Chinese  products  cheaper on the
   global market.
   Mr.  Wen  also  told  reporters  that  he  was  snubbed at last year's
   Copenhagen climate change conference.
   The  Associated  Press  reports  that  the  premier  said he was never
   formally notified about a late night meeting of top leaders.
   Mr.  Wen  said China remains committed to working with other countries
   to tackle climate change.

   Some information for this report provided by AP, AFP and Reuters.

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