By Randy Chen

(AXcess News) Hong Kong - China's Premier Wen Jiabao defended China's stance over its currency at a press conference in Beijing Sunday, blaming the United States for all the global disruption.

Wen pointed to the number of nations that import Chinese goods and export theirs to China as evidence that the Yuan was not undervalued.

"Taking Germany as an example, its exports to China hit a record high to 76 billion euros last year," Wen said. "The United States saw its total exports down by 17 percent, while its exports to China fell by only 0.22 percent."

Wen reiterated Sunday that China will further improve the yuan exchange rate formation mechanism and keep the yuan exchange rates basically stable at a reasonable and balanced level.

China's central bank said Friday a stronger yuan offers no help for solving the Sino-U.S. trade imbalance problem, and China opposes politicizing yuan's appreciation.

Su Ning, vice governor of the People's Bank of China, made the comments a day after President Obama told the U.S. Export-Import Bank's annual conference that a more market-oriented exchange rate of yuan will make an essential contribution to global rebalancing efforts.