China refused to devalue the yuan to the requirements of the United States.

China will not devalue the yuan despite pressure from the U.S. government, said Vice-President of the National Commission for Development and reform of China Syaotsyan Zhang (Zhang Xiaoqiang). His words refer AFP. According to the American authorities, the high rate of the yuan is causing growing U.S. trade deficit with China.
The Chinese Government also intends to increase the rate of the yuan, after it had at the beginning of December 2008 showed a record decline in the dollar. The national currency of China on 1 December fell by 0.5 percent to 6.8848 yuan per dollar. That was the lowest level since May 2008.
3 December, Chinese Vice-Premier Wang Tsishan (Wang Qishan) urged the U.S. not miss a single opportunity sustain its economy. This writes the newspaper The Financial Times. But he noted that for its part, China is doing everything possible to restore the confidence of foreign investors in the country, as well as to support the domestic economy and prevent recession in the global economy.
In late November 2008 the People's Bank of China lowered the rate of annual loans to 108 basis points from 6.66 to 5.58 per cent. The rate on deposits was reduced from 3.6 to 2.52 percent. This was done to maintain the stable growth of the economy, which in the third quarter of this year slowed to nine percent. For comparison, during the same period last year, GDP grew by 11.9 per cent.
Earlier, Chinese authorities have developed a plan to support the country's economy, for which funding has been allocated 586 billion dollars. Most of the funds planned to spend on infrastructure and to create additional jobs for millions of Chinese.
The slowdown in GDP of China was caused by a decline in exports due to falling demand for Chinese products by foreign consumers. In a global financial crisis, when banks have limited access to their credit, residents of the United States and Europe - the main consumers of Chinese products - have less to buy. As a result, the growth rate of Chinese exports slowed to 19.2 percent. Previously they increased by an average of 20 percent per year.
To maintain exports, the Chinese Government has taken several measures, including lowering export taxes on 3770 products, representing more than 27 percent of total Chinese exports. As expected, in early 2009, export taxes could be lowered again.