China premier wants stable economy for yuan reform

From the Reuters: “Chinese Premier Wen Jiabao signalled the country was in no rush to reform the , and questioned why more hadn’t been done to stop the dollar’s slide, the strongest words yet of concern by Beijing about the weakening U.S. currency.

China needed a stable economy and healthy financial system before reforming its currency, and was less likely to make changes amid intense speculation, Wen told reporters in the Lao capital of Vientiane.

Certain conditions must be met before Beijing tinkers with its long-standing policy that has pegged the yuan at about 8.28 to the dollar, he said. ”

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