The Chinese premiere characterized international pressure to allow its currency to appreciate as unfair, saying countries calling for a change were themselves embarking on “brazen trade protectionism.”
Wen Jibao’s comments came at the end of 12th China-EU Summit, which was held in Nanjing, the capital of Jiangsu Province in China. Europe’s calls to have China unpeg its currency from the falling dollar were firmly rebuffed by Beijing.
“This is unfair,” Jibao said. “In fact, it amounts to restricting China's development.”
Wen said that maintaining the stability of the exchange rate is for the development of China's economy, and was also helpful for world economic recovery during the international financial crisis.
The China-EU summit is the highest level political consultation mechanism between the two sides. This is the 12th summit held in Nanjing, Nov.30th. After the meeting, the leaders both in China and European signed 5 five cooperation ceremony of the document.