U.S. pressure on China to raise the value of its currency amounts to Washington abdicating responsibility for ballooning deficits and would impede global economic recovery, an official Chinese newspaper said on Friday.

Expressing frustration over the Obama administration's light touch on China's yuan exchange rate, two U.S. senators asked the Commerce Department to investigate alleged Chinese currency "manipulation."

Chinese Premier Wen Jiabao told President Barack Obama his nation does not seek a trade surplus with the United States and wants to balance flows, striking a conciliatory note but avoiding public comment on currency rifts.

Chinese Premier Wen Jiabao told President Barack Obama his nation does not seek a trade surplus with the United States and wants to balance flows, striking a conciliatory note but avoiding public comment on currency rifts.

U.S. President Barack Obama on Tuesday nudged Chinese President Hu Jintao to allow the yuan currency to appreciate at a summit where they agreed to work to ease trade and economic friction between both countries.

U.S. President Barack Obama said on Monday that Washington was not trying to contain China's rise but said trade between the two giants needed to be more balanced.

A stronger Chinese yuan is part of the reforms that Beijing needs to implement to increase domestic consumption and help ease global imbalances, the head of the International Monetary Fund said.

China's economy is expected to grow by about 8.5 percent next year while inflation will remain modest at about 2.5 percent, indicating that monetary policy should remain appropriately loose to solidify the basis of the recovery, a key government think-tank said on Monday

When President Obama visits China for the first time on Sunday, he will, in many ways, be assuming the role of profligate spender coming to pay his respects to his banker, the New York Times reports.

President Barack Obama has promised to broach the yuan's exchange rate when he visits China from Nov. 15-18, putting the spotlight on a controversial issue that has the potential to shake currency markets and diplomatic ties.

The chairman of the Industrial & Commercial Bank of China (ICBC), the world's largest by market capitalization, said a stronger yuan would not be conducive to the global recovery, and defended the wisdom of a rash of lending by Chinese banks this year.

China's annual GDP growth rate could reach 10 percent in the fourth quarter as the economic recovery exceeds expectations, with full-year economic growth at about 8.3 percent, state media quoted a senior government economist as saying.

China will stick to its active fiscal policy and loose monetary measures even though its economic recovery is now on more solid footing, Premier Wen Jiabao said on Thursday.

U.S. critics of China's currency policy said they were skeptical of a hint from Beijing that it could soon let its yuan rise against the dollar again after an 18-month hiatus

A stronger Chinese currency, which the nation's government indicated could happen in the months ahead, would come at an ideal time for US markets.