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Chinese Premier Wen Jiabao has defended Chinese money policy against accusations from the new Obama administration that the Yuan’s value is being held artificially low.

He acknowledged that global currencies were facing dramatic fluctuation — comparing the ups and downs to a “rollercoaster” — but sharply rejected charges that China was exercising undue influence over exchange rates.

“The fault is not with China,” he said.

Right he is. In fact, the relatively high value of the dollar is rightfully blamed on doubt over the world’s economy and the continued value of other currencies.

In fact, why not blame the Brits for this–

Dollar skyrockets on UK bank woes

dollarmkw

I am glad the Chinese are standing up for themselves. The US wants some kind of concession from the Chinese, but would not dare ask the same from the UK or Europe.

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