April 2, 2010 – Coming under criticism for what is perceived in the West as an undervalued yuan, China stood firm Friday against calls for a stronger currency rate, saying that it will make its own choices when it comes to managing the yuan’s exchange rate.
Vice Commerce Minister Chen Jian said to reporters, “The Chinese government will make responsible and independent decisions on the foreign exchange policy based on its economic and monetary situation.” He also denied the currency was undervalued.
Critics of the yuan say that the currency is undervalued as much as 40% against the dollar.
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