China currency snub

Chinese premier Wen Jiabao rebuffed an appeal from European leaders for faster reforms of currency policies that keep the yuan linked to the US dollar, as summit meetings wrapped up without any major new initiatives.

Beijing’s policy on the yuan, also known as the renminbi, was what was best for China’s economy and the world recovery, Mr Wen insisted, following the signing in Nanjing of several agreements on technical and economic co-operation.