China snubs US on boosting yuan's value

[frigidmagi]

CSM

[quote]China’s central bank thumbed its nose Thursday at legislation that the US House of Representatives had passed on Wednesday in a bid to force China to strengthen the value of its currency.

The bank fixed the RMB’s value at a weaker rate than it had been before.

The move seemed calculated to underline Beijing’s insistence that it will not bow to foreign pressure over its currency, which critics say China is keeping artificially weak to give its exports an unfair price advantage on world markets.

“China has always insisted on making its policy independently,â€