Premier Wen says Chinese yuan "not undervalued"

2010-03-14 04:48:20 GMT2010-03-14 12:48:20 (Beijing Time) Xinhua English

Chinese Premier Wen Jiabao smiles during a press conference after the closing meeting of the Third Session of the 11th National People's Congress (NPC) at the Great Hall of the People in Beijing, capital of China, March 14, 2010. (Xinhua/Xing Guangli)

BEIJING, March 14 (Xinhua) -- Chinese Premier Wen Jiabao said on Sunday that the Chinese yuan had not been undervalued.

China has counted exports from 37 countries to it last year, of which 16 countries witnessed increases, Wen told a press conference after the National People's Congress (NPC) concluded its annual session.

"Taking Germany as an example, its exports to China hit a record high to 76 billion euros last year," Wen said. "The United States saw its total exports down by 17 percent, while its exports to China fell by only 0.22 percent."

The total exports from European Union plummeted by 20.3 percent in 2009, compared with a 15.3 percent decline in exports to China, Wen said.

China has become a major market for exports from its neighboring countries, including Japan and the Republic of Korea (ROK), as well as Europe and the United States, he said.

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