China rebuffs US over Yuan criticism

In a speech in Beijing, Li Daokui said China "will not appreciate the yuan solely because of external pressure".His comments follow strong criticism in America that the yuan is significantly undervalued, damaging US exports.

Last week US Treasury Secretary, Timothy Geithner, said he was considering ways to press China to let the yuan appreciate. In June, after months of pressure from the US, China pledged to relax its grip on its currency.