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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Defiant Beijing facing more pressure on yuan AFP - Tuesday, October 5 Send IM Story Print Defiant Beijing facing more pressure on yuan BRUSSELS (AFP) - – Euro bosses are expected to pile pressure on China over its currency in a crunch meeting Tuesday with Premier Wen Jiabao after defiant Beijing rejected Western calls to let the yuan rise. The Chinese leader meets early Tuesday on the sidelines of an Asia-Europe Meeting (ASEM) with euro supremo Jean-Claude Juncker, European Central Bank boss Jean-Claude Trichet and EU economic chief Olli Rehn. Delivering the first speech by a visiting dignitary at the summit, aimed at strengthening Europe's ties with Asia's emerging giants, Wen said "we must work together to promote world economic growth" but then struck out on the question of currency. "We should intensify macroeconomic policy coordination, manage with caution the timing and pace of an exit strategy from economic stimulus and keep the exchange rates of major reserve currencies relatively stable," he said. Europe and the United States have butted heads with China over its currency, accusing Beijing of deliberately keeping the yuan artificially low to boost exports, causing a huge trade imbalance. The comments triggered immediate fire from the office of euro supremo Juncker, also the Luxembourg premier. "We believe the yuan is totally under-valued," said a spokesman for Juncker. "This is contributing to global imbalances. We want China to assume its responsabilities as a world power," Juncker's spokesman Guy Schuller told AFP. Indisputably the star guest of the talks gathering 46 nations, Wen urged Europe to cede more power to emerging markets in international financial institutions. The appeal came amid complaints by emerging economies that Europe is over-represented at the International Monetary Fund. "We need to improve the decision-making process and mechanisms of the international financial insitutions," Wen told fellow Asian and European leaders gathered at the royal palace in Brussels. The Chinese premier said there was a need to "increase the representation and voice of developing countries, encourage wider participation and fully accommodate each other's interests and concerns". European finance ministers last week agreed to hold talks with the United States and other partners on reviewing EU representation at the Washington-based international lender. Europe, which holds nine IMF board seats, offered as part of a compromise to rotate two of its spots with emerging markets. A top official from South Korea, which will host the summit of G20 leaders in Seoul in November, welcomed the proposal as a "great improvement". "The Europeans show some flexibility and also offer some solutions," Changyong Rhee, head of the committee preparing the G20 meeting, told reporters on the sidelines of the ASEM summit. "I don't know whether they will be 100 percent accepted by the (G20) members," he said. "But I think the fact that Europeans show flexibility and willingness to negotiate is an important advancement and I hope that the other countries will show the same kind of flexibility so that we can have a unanimous solution." An agreement on IMF reform must be reached at a meeting of the Group of 20 rich and emerging nations on November 11-12 in the South Korean capital, Rhee said. "In order to maintain the effectiveness of the G20, I think leaders have to deliver this outcome," he said. "I hope and expect that we should deliver on this subject. 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