Wen rallies to defend yuan

Premier Wen Jiabao signalled yesterday that the central government would not succumb to international pressure for a stronger yuan. Xinhua quoted him as telling a group of US bankers that the currency would remain stable and that a stable exchange rate would be good for both the mainland and global economies. Mr Wen is the highest-ranking central government official in recent weeks to defend the nation's currency policy. Analysts said his remarks indicated the authorities had already formed a policy on the issue aimed at putting a stop to rising speculation over the yuan.