China's premier Wen Jiabao on Monday lashed out at the growing number of countries pressuring Beijing to strengthen its currency, making it clear that European officials made little headway in their efforts over the past two days to persuade the country to allow the renminbi to appreciate.
Speaking at the conclusion of an EU-China summit in the eastern Chinese city of Nanjing, Mr Wen said: “Some countries on the one hand want the renminbi to appreciate, but on the other hand engage in brazen trade protectionism against China. This is unfair. Their measures are a restriction on China's development.”
The premier repeated the standard form of words Beijing uses to describe its currency policy. “We will maintain the stability of the renminbi at a reasonable and balanced level,” adding that “maintaining the basic stability of the renminbi exchange rate has benefited China's economic development and benefited world economic recovery,” Mr Wen said.