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Demands on China's currency appreciation unfair: Wen

By Li Xiaokun and Zhao Chunzhe (chinadaily.com.cn)
Updated: 2009-11-30 14:52

Chinese premier Wen Jiabao said some countries' demands on China's RMB currency appreciation were unfair. He made the comment at a news conference following the China-EU summit Monday, China Daily reported.

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"Some countries are asking for RMB's appreciation and meanwhile impose various protectionisms on China. It's not fair and limits China's development actually," Wen said.

The US and the EU have long been insisting on the RMB's appreciation and the demand has become more pressing after the world economic crisis hit.

"The stability of RMB benefits China's economic development and the recovery of world economy amid this rare financial crisis. China will continue to improve the RMB exchange rate mechanism based on an initiative, controllable and progressive development, and ensure a stable and reasonable RMB exchange rate," said Wen.

Developed countries should carry on their commitment to enhance developing countries' ability to self-develop, Wen said, adding "it's the fundamental way to overcome the economic imbalance".