China's Wen: Currency to Stay Stable

NEW YORK (TheStreet) -- Chinese Premier Wen Jiabao Saturday said his country would keep its exchange rate stable so as not to hurt its exporters, according to published media reports.

Wen said "a basically stable exchange rate," would help China keep exports steady and bolster business confidence, Reuters reported, citing China's state radio.

U.S. critics say Beijing's foreign exchange controls keep the country's currency, the yuan, dramatically undervalued vs. the dollar, giving Chinese exports an unfair advantage.

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The U.S. Senate this week passed legislation targeting China that would slap duties on imports from countries that have been determined to undervalue their currencies to boost exports.

Chinese officials lashed out at the legislation, calling it protectionist and saying it would harm relations between the two countries.

On Friday the U.S. Treasury Department said it would delay a decision on whether to classify China as a currency manipulator until later this year.

This article was written by a staff member of TheStreet.

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