China said The 16th that it will stick to its policy of maintaining a stable exchange rate. "We will continue to promote the reform of the renminbi exchange rate mechanism, aiming to keep the renminbi basically stable at a reasonable and balanced level," Foreign Ministry spokeswoman Jiang Yu told a press conference. "It is in the interests of not only China but also the world."

Her comments was in response to a US Treasury report released on Wednesday (15th).  In the report, U.S. Treasury Secretary Timothy Geithner refrained from labeling China as a currency manipulator, backtracking from an assertion he made during his confirmation hearings in January.

The Treasury said that while the yuan remains “undervalued,” no country “met the standards” for illegal currency manipulation during the period of the report.