Money World economy
China has vowed not to bow to outside pressure to make more changes to its currency policy, which the United States and others say is crucial to global economic recovery.
Senior Chinese officials warned at a summit of the Group of 20 leading economies that they will follow their own economic needs when considering currency reform.
The value of the yuan, or renminbi, is a major irritant in Chinese relations with the United States. China's comments came ahead of a meeting between President Barack Obama and Chinese President Hu Jintao.
Obama was expected to raise U.S. concerns about an undervalued Chinese currency that American manufacturers say gives China's exporters an unfair advantage and swells its trade surplus.
In an effort to head off complaints, China announced before the G-20 summit that it would start allowing its currency to rise in value against the dollar. Critics have said the move doesn't go far enough.
Some U.S. lawmakers are threatening to punish China for its currency policies with legislation, and they will be closely watching whether China makes more changes at this summit.
China said foreign calls for currency reform wouldn't lead to new policies.
