China ignored pressures on un-pegging the yuan
Amid pressures from the G-7 on China to un-peg the yuan against the American dollar that makes the trades flow in the favor of China, the Chinese Trade Minister said his country won't allow much changes in the yuan's value. The Chinese Minister said the value of the yuan should be based on economic conditions, keeping in mind that China started using a fixed rate since July 2008. Low Yuan value helped Chinese exports to be more competitive that was why China replaced Germany to become the world's largest exporter.