BEIJING, Dec. 28 (UPI) -- Chinese Premier Wen Jiabao, maintaining a stable yuan is good for all, says his government will not yield to foreign pressure to let the currency appreciate.
"A stable Chinese currency is good for the international community," Wen told the Chinese official news agency Xinhua during an interview. He said a stable yuan-U.S. dollar exchange rate during the 1998 Asian financial crisis helped the world.
Wen said the nations demanding yuan appreciation are also practicing trade protectionism against China, which he said is aimed only at checking China's development.
Wen said that the global economy cannot progress without trade among different economies. "We all know this, but what we need now is the willingness to take action," he said.
The Xinhua report, citing Ministry of Commerce figures, said as of November, 19 countries and regions have begun 103 trade-related investigations against Chinese products. The report said in the first 11 months of this year, China's imports and exports totaled $1.96 trillion, down 17.5 percent from last year.
The Financial Times reported in addition to the United States and the European Union, others demanding a yen appreciation have included Brazil and Russia.
