China’s premier says Beijing will keep the yuan’s exchange rate at a stable, balanced level

China’s premier: Beijing to keep yuan stable

NANJING, China — Chinese Premier Wen Jiabao says Beijing will keep the value of its currency, the yuan, at a stable and balanced level, shrugging off appeals for faster reforms.

Wen made the comment following a summit Monday with European Union leaders, who are urging China to move more quickly in loosening controls that keep the yuan, also known as the renminbi, linked to the weakening U.S. dollar.

Wen said that “to maintain the basic stability of the rmb exchange rate is conducive to the economy and the recovery of the world economy.”

He described as “unfair” demands for changes and accused critics of China’s policies as “practicing trade protectionism against developing countries.”