Chinese executives back stronger yuan

Beijing: Chinese executives are joining US President Barack Obama in backing a stronger yuan, even as Premier Wen Jiabao says the currency isn’t undervalued.

Yang Yuanqing, chief executive of Beijing-based computer maker Lenovo Group, said gains would boost consumers’ purchasing power.

Qin Xiao, chairman of China Merchants Bank Co, said an end to the yuan’s 20-month peg to the dollar would let lenders set market-based interest rates.