China is again turning a deaf ear to US demands for a stronger yuan, saying the currency is not the cause of its trade surplus. The government is also pledging to keep the exchange rate stable to help its exporters.

Commerce ministry spokesman Yao Jian says if the exchange rate is politicized, it will be of no help in global coordination during the world economic recovery. Yao also says China's hefty trade surplus with the US is an outcome and phenomenon of globalization... and it will exist for a while.