China Officials Say Won’t Yield to Yuan Pressure at U.S. Talks

Chinese officials said the nation won’t yield to global calls to end the yuan’s 22-month peg, damping speculation next week’s U.S.-China trade talks would trigger appreciation. China won’t succumb to external pressure and will modify the currency based on the economic situation, Assistant Finance Minister Zhu Guangyao said in Beijing today. Stability between the world’s major reserve currencies will aid the global economic recovery, he said at a briefing to discuss the May 24- 25 Strategic & Economic Dialogue in Beijing. “Only the authorities of a sovereign country have the right to decide how to form the exchange rate,” Zhu said. Countries should “work to maintain the stability...Detail