China on the RMB: Back off

Beijing again has rebuffed pressure from the US to revalue the yuan as the Finance Ministry restated its position that China wants to renovate its foreign-exchange system but only when foreigners stop carping and meddling in a sovereign issue, state media reported. Outside pressure will only slow reform of the exchange system, said Zhu Guangyao of the foreign ministry, commenting during a live question-and-answer webcast, a day before US officials were to testify before Congress on contentious US-China issues. "Adjusting the foreign-exchange mechanism is a top secret for any country," Zhu said, calling it "impossible for any changes to be carried out under heavy outside pressure or when speculators are looking for an opportunity".