Yuan set by markets: Ma

People’s Bank of China Assistant Governor Ma Delun has rejected US criticism that Beijing manipulates the yuan’s value to boost exports, Bloomberg reported. Ma said the market determines the yuan’s exchange rate and added that currency policy wasn�t to blame for the US trade deficit. �Workers’ pay in China is 1/33rd of that of a US worker. The US has to accept this global reallocation of industries.� The US estimates the trade deficit with China widened to US$185 billion in the first 11 months of 2005, up 25.4%, and has threatened legislation to impose tariffs on imports from China unless the yuan is allowed to appreciate more rapidly.