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China's Wen Says External Pressure On Yuan Not Helpful


Prime Minister Wen Jiabao delivers a speech during the opening ceremony of the National People's Congress in Beijing

Prime Minister Wen Jiabao delivers a speech during the opening ceremony of the National People's Congress in Beijing

Chinese Premier Wen Jiabao says Beijing will keep "the yuan basically stable" and said "external pressure" to let it rise in value "is not helpful."

Many U.S. lawmakers complain China's currency is undervalued by as much as 40 percent, and President Barack Obama has said it is important for China to move to a "more market-oriented" exchange range.

Wen also said Beijing wants Washington to take "concrete steps" to reassure the Chinese government and other Treasury bill investors.

Beijing has more than $800 billion of its foreign reserves invested in U.S. Treasury securities.

Wen also cautioned there are still risks to the recovery of the global economy.

Wen was speaking at a news conference to mark the end of China's annual parliament meeting.

compiled from agency reports
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