The People's Daily has attacked foreign critics for talking up the value of the Chinese currency, the first clear sign that mainland leaders are tiring of international pressure to revalue the renminbi. 'In an era when everybody is scrambling for a bigger market share in the global economy, to criticise a country for its foreign exchange policy and to try to pressurise it into raising the value of its currency seems, to some, to be an excuse for failing to identify what is wrong in their own backyard,' the party mouthpiece said. The report followed comments on Sunday by Zhou Xiaochun, governor of the People's Bank of China, who said the mainland had no interest in cancelling the yuan's peg to the US dollar for some time. 'As the Chinese renminbi fluctuates narrowly around 8.28 to US$1 and has gone down with the falling dollar, there is a growing chorus saying the peg is unfairly helping the country gain shares in global markets and the value of the renminbi should be raised or floated now to let market forces decide its value,' the paper said. Critics of the mainland's financial policies cite its export growth, trade surpluses and US$283 billion foreign exchange reserves, the second largest in the world, as reasons for the peg to be dropped. The newspaper went on to explain why the mainland's burgeoning foreign exports were actually not only representative of China's economic prowess. 'China earns a thin profit from the processing trade, with a big part of the profits generated being taken by overseas companies that put the brand marks on the final products,' it said. 'But all these products are being tallied as originating in China.' The Ministry of Commerce says up to half of the 200 largest exporters last year were foreign, Hong Kong or Taiwan-invested firms. Hu Biliang, a senior economist with the Chinese Academy of Social Sciences, said he was not surprised that Americans and Europeans were pressuring China to revalue the yuan. 'Other economies aren't doing well, so they're putting pressure on China,' Professor Hu said. But he added: 'First of all, China's capital accounts haven't been liberalised yet. Second, the economic outlook isn't clear. Third, the government just came on board and can't break away from old economic policies so quickly. Many structural problems, such as deflation and high unemployment, remain.' But he said the yuan would be floated eventually.