President Hu Jintao indicated that China would not bow to
US pressure and revalue its currency during a speech made to business executives at the
Asia-Pacific Economic Cooperation (APEC) forum.
Mr Hu said that
keeping the RMB rate stable was essential to China's economic performance and
benefited the whole world.
At the same time the governor of China's
central bank was quoted in state media as saying the bank was willing to widen the band
that the RMB was pegged to the greenback.
People's Bank of China
governor Zhou Xiaochuan was quoted as saying the bank was willing to widen the range of
the RMB to between 8.3 and 8.7 to the dollar if a regional consensus was
The RMB is currently pegged at between 8.2 and 8.3 to the