Wen Jiabao lashes out over RMB appreciation calls

Premier Wen Jiabao has hit back at calls for China to let the renminbi appreciate, accusing foreign nations of wanting to hamper the country’s economic growth, the Financial Times reported. Speaking at the closing of the EU-China summit in Nanjing, Wen said: "On the one hand some countries want the renminbi to appreciate, but on the other hand they engage in brazen trade protectionism against China. Their measures are a restriction on China’s development." Repeating the standard Beijing line on currency appreciation, Wen vowed to "maintain the stability of the renminbi exchange rate at a reasonable and balanced level." EU leaders had hoped to persuade China at this weekend’s summit to begin strengthening the renminbi, although Jean-Claude Juncker, prime minister of Luxembourg and chair of eurozone finance ministerial meetings, had already said he was not optimistic about gaining a positive result.