China denies yuan undervaluation

In response to the U.S. assertion that the Chinese currency is still undervalued, China says it's not artificially suppressing the value of the yuan.

Hong Lei, spokesman of Chinese Foreign Ministry, said, "There is no so-called problem that the exchange rate is undervalued. We will persist according to the principles of control, gradual proactivity, and advance reforms of the Renminbi formation mechanism. We hope that the U.S. can appropriately deal with trade and economic issues, including the Renminbi exchange rate."