Hong Kong Chief Executive Tung Chee-hwa has joined the central government's offensive to stave off international pressure to revalue the yuan. 'The renminbi should not be revalued,' he told Asian political and business leaders at the Boao Forum. 'The pressure from the US isn't fair. Our products made in China mostly are exported to the US, and if these goods were not made in China, they would be made elsewhere. The US is suffering economic structural problems and if the renminbi was revalued it would actually hurt the US.' Mr Tung's remarks follow those made by Morgan Stanley chief economist Stephen Roach, who repeated assertions that the US was 'unfairly' making a scapegoat of China in the currency dispute. Mr Roach said: 'The world has formed an erroneous impression that newly emerging Chinese companies are capturing global market share with reckless abandon ... nothing could be further from the truth.' The global trend of outsourcing manufactured goods from China - and services from India - was the key reason why developed economies had shed jobs. 'I fear there's a deeper meaning to the pressures being put on China: unwilling to accept the responsibility for their own shortcomings, the wealthy economies of the industrial world are making China a scapegoat for their weak recoveries,' Mr Roach said. Mr Tung feared global 'speculative' forces were gathering in Asia in preparation for an onslaught on the yuan and regional leaders should co-operate to help China fend off such an attack. At the conference, Mr Tung also said he had proposed to Premier Wen Jiabao that the process to allow residents throughout Guangdong to travel to Hong Kong on an individual basis be sped up. Only residents from eight cities of the province can visit on an individual basis at present.