Forum refutes US claims over yuan

Participants at the China Development Forum 2010 in Beijing have hit back at US lawmakers calling on China to appreciate its currency.

Morgan Stanley Asia chairman, Stephen Roach, said the US has a trade deficit with 90 countries.

He pointed out many Americans buy Chinese products and US companies have investments in China, which was fueling the trade deficit.

Former Nobel Prize winner for economics, Joseph Stiglitz, claimed current US monetary policy favors a weak dollar.