China’s Wen pledges more flexible yuan

At a summit with European Union leaders, Wen said China was not deliberately seeking to run a trade surplus and would take measures to expand domestic demand.

'China will continue to perfect the renminbi exchange rate regime in a gradual, proactive and manageable manner, give a further role to the market in determining the exchange rate, and will bring flexibility to the renminbi with a view to enabling capital account convertibility,' Wen said.