Japan and the United States are stepping up calls on China to revalue the yuan, charging that while growing economically, it is spreading deflation and trade deficits by exporting goods at an unfairly low exchange rate.
But Beijing is showing no signs of yielding, and says Chinese exports do not have a decisive impact on world prices.
"No country in the world makes currency adjustment decisions based on the international situation alone without analyzing its domestic situation," Chinese Minister of Commerce Lu Fuyuan told the fifth Asia-Europe Meeting of Economic Ministers in Dalian last week.