China's deputy prime minister and deputy central bank chief rejected calls at the Davos World Economic Forum for Beijing to allow the yuan to strengthen, saying they wanted to maintain a "stable" exchange rate. Deputy Prime Minister Huang Ju and Deputy Governor Li Ruogu of the People's Bank of China dismissed accusations that the yuan's peg to the dollar was making Chinese exports unfairly cheap. "Please leave it to us," Li told a Davos panel, in response to a question suggesting that a stronger yuan would benefit the Chinese economy. "We are happy and willing to listen, but don't ask us to practice what you say." The comments came ahead of an expected tense confrontation at the upcoming meeting of finance ministers and central bankers from the G7 leading industrialized nations which China will also attend.
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