Back off, China tells yuan critics
29 January 2007
China told foreign critics to back off and respect the pace of economic reform in the country, state media reported. Wu Xiaoling, deputy governor of the People's Bank of China, did not name any specific people or countries but her comments in Davos during the World Economic Forum come only a few weeks after US financial policy-makers pressed Beijing to liberalize the yuan faster. "There is a Chinese saying that you should put yourself in others' shoes; you need to respect others... We respect other people's policies. The Chinese say, 'clean your own house first'." The appreciation of the yuan remains a key issue to bilateral relations, state media reported. US lawmakers say the yuan is undervalued, undermines the competitiveness of US companies and contributes to a soaring trade deficit.