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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 China PM rebuffs US demands for currency revalue AFP - 17 minutes ago Send IM Story Print China PM rebuffs US demands for currency revalue Slideshow: Full Photo Coverage: Business & Economy NEW YORK (AFP) - – China's premier sought to ease tensions with the US ahead of a speech Thursday in which he is expected to defend Asian giant's currency policy, as US lawmakers prepared to vote on punishing Beijing. Prime Minister Wen Jiabao is expected to rule out drastic appreciation of the yuan in his address. But ahead of his speech and a meeting with US President Barack Obama at the United Nations General Assembly, he stressed that the world's two largest economies had more common interests than they had differences. US lawmakers meanwhile prepared to vote on whether to punish China for allegedly manipulating its currency and distorting trade. Related article: US Congressional panel to vote on China currency measures "There is no basis for a drastic appreciation of the renminbi (yuan)," Wen said Wednesday in a speech to the US-China Business Committee in New York. "If the renminbi appreciates by 20 to 40 percent according to the requests of the US government, we do not know how many Chinese companies will go bankrupt and how many Chinese workers will be laid off and how many rural workers will go back to their homes and there will be major turbulence in the Chinese society," he said, according to a translation of his speech. Washington has been toughening its rhetoric over China's currency handling in recent weeks, accusing Beijing of keeping its currency artificially low against the dollar to make its exports more competitive. Members of a key US congressional panel were due to cast a vote Friday on legislation that would call on the US Commerce Department to punish China for alleged currency manipulation. Obama warned earlier this week that the yuan "is valued lower than market conditions would say it should be," and called on the Chinese to do more to promote "fair" trading conditions. Wen however insisted Wednesday that China has "kept the renminbi exchange rate basically stable at an adaptive level since the outbreak of the financial crisis," as other countries depreciated their currencies by a wide margin. "Our effort has greatly contributed to global economic and financial stability and recovery of the world economy," he insisted. China last June allowed its currency to appreciate against the dollar following international pressure. The yuan has appreciated about 1.6 percent against the greenback, but for Washington, this is too little. The United States and China -- the world's top two economies -- should "positively carry out large-scale economic and trade cooperation," Wen said, while warning that mutual trust was the precondition for such a move. A "sound and stable Sino-US economic and trade relationship is in line with the fundamental interests of both countries," he added, in comments carried by China's official Xinhua news agency. The "structure of Sino-US investment and trade" was to blame for the massive US trade deficit, not the value of the Chinese currency, the Chinese leader said. Obama earlier this week said Washington had told Beijing: "You're getting wealthier, you're exporting a lot, there should be an adjustment there based on market conditions. "They have said 'yes' in theory, but in fact they have not done everything that needs to be done," Obama said during a town hall style-meeting broadcast on CNBC television. He has come under increasing pressure from Congress to take action against China as critical mid-term elections near. Treasury Secretary Timothy Geithner complained last week that it was "past time for China to move" on the yuan and lift trade barriers. Despite June's "important" pledge by Beijing, Geithner said the Chinese currency's value was "essentially" unchanged in the past two years because of "very substantial" intervention by the authorities. The Chinese premier nevertheless used his speech to try to ease growing tensions. "I fully believe that all the disputes and differences between China-US trade will be resolved and after the settlement of these problems, China-US relationship will take a further step forward. "We do not have any reason to let our relationship back peddle. We have tens of thousands of reasons to move forward this relationship." Tensions were further heightened after Washington asked the World Trade Organization last week to investigate allegedly unfair Chinese treatment of US steel and electronic payment providers. In 2009, the two countries shared 366 billion dollars in trade volume. 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