Chinese Premier Wen Jiaobao said here Friday that no country in the world has the right to put pressure on the devaluation or appreciation of the Chinese currency.
"The exchange rate of China's currency, the yuan, should be decided by the country itself," Wen said at a press conference upon the conclusion of the annual session of China's top legislature.
The premier also criticized allegations that the yuan has been depreciating.
He said the Chinese currency has appreciated against the U.S. dollar by 21 percent since the currency was unpegged from the U.S. dollar in July 2005.
He admitted that the yuan may not have appreciated by a large extent against the U.S. dollar over the past year.
"However, the currency is actually appreciating in comparative terms, in light of drastic declines in currencies of many European and Asian countries," said Wen.
Such appreciation has put China's exporters under a lot of pressure, he added.
The premier reiterated the country's target is to keep the exchange rate of the yuan "basically stable" at a reasonable and balanced level.
(Xinhua News Agency March 13, 2009)