However, Deputy Governor of Central Bank of China, Zhu Min, said that the revaluation will not improve the world trade imbalance.

In front of the World Economic Forum in Davos, he said China was trying to increase domestic consumption, but warned some time to ask for China’s increasing spending.

Zhu said Beijing has been maintaining the yuan exchange rate stable through the financial and economic crisis through his own stimulus package. “The move was good for China and also the world,” he asserted.

He also indicated that the revaluation will be done. Beijing has committed to the deal G-20 meeting in Pittsburgh, who says many countries will coordinate the exit strategy of a large stimulus package that was adopted to combat the slowdown of the world.

“If the world (partners) are ready to run the exit strategy is, China is ready … including on various issues – concerning liquidity, exchange issues,” he told the forum.

China is under pressure while maintaining yuan to remain weak against the dollar. Critics say China’s policy is to make China’s exports cheaper and triggering a large trade surplus with the West. China’s trade surplus reached 196.1 billion U.S. dollars in 2009.

Zhu said a stronger yuan will not solve the trade imbalance. “The exchange rate is a matter of rebalancing issue. The exchange rate will not be able to change everything,” he said.

Beijing recognizes the need to stop depending on exports. “The crisis has taught us that the pure export model unsustainable and we’re working on it. The situation has improved, but still takes time,” he said.

‘I’m still old-fashioned person. If the glass is still good, I’m not going to throw it to buy a crystal, even if my income increases. I’m still going to use it, “he said.

Leadership of the IMF, Dominique Strauss-Kahn, also gave a note, mengeser very difficult to model this growth of exports to be drawn drawn domestic demand.

“With U.S. consumers buy less in the middle of the crisis and China through the stimulus spending and businesses to China to buy more, the trade imbalance problem becomes looked a little better than before the crisis,” Strauss-Kahn said.

But he warned, much of China’s consumers are able to compensate for declining consumption in the U.S.. In separate sessions, the group chief executive of Standard Chartered Bank, Peter Sands, said there was no quick fixes on the choice of China’s currency.

“I think there are many simple things you said about the renminbi currency. Some seem to believe that if revalued, all the macroeconomic imbalances will disappear instantly. That’s wrong. It’s too simple,” he said.

He showed that the value of Asian economies has increased and this value will be reflected in the value of Asian currencies against western currencies.

“I believe that the frequent passage of time, renminbi and other Asian currencies will be valued and managed in order to be more important things to reconcile some macro-economic imbalances in the world,” he added.

French President, Nicolas Sarkozy, and the financial sector billionaire, George Soros, during the Davos meeting pleaded with China to let its currency strengthen.

In a major speech on the first day of the forum, Sarkozy covertly menyerangan China, saying the trade imbalance has adverse world economic recovery.

“The instability in exchange rates and an assessment of a particular currency lower against the competition fair trade and honest,” said Sarkozy.