The Ministry of Commerce Sunday denied the existence of any agreement with the United States over China's foreign exchange policy, following a report alleging that a vice minister had implied at a major trade fair that China would not appreciate its currency. "The ministry has never made such comments on the yuan exchange rate on any occasion," Chen Rongkai, deputy press officer with the commerce ministry, told the Global Times Sunday, accusing the Guangzhou-based Information Times of irresponsible journalism for carrying such a report. "After consultations, world of warcraft power leveling China and the US reached an initial agreement, in which China said it would stick to a stable foreign world of warcraft power leveling economic and trade policy and maintain a relatively stable foreign exchange rate," the newspaper reported Friday, quoting Vice Commerce Minister Zhong Shan as saying at the 107th China Import and Export Fair, also known as the Canton Fair in Guangzhou. Despite recent escalated calls for a stronger yuan, China said it remains on course to gradually put in place a managed floating exchange rate system and won't yield to foreign pressure to appreciate the yuan. President Hu Jintao told his US counterpart in a summit last week that China would firmly stick to the path of reforming its currency exchange rate mechanism based on its own economic and social development needs. China reported April 11 that it posted a trade deficit of $7.24 billion in March, the first deficit in six years. Zhong's alleged wow Power Leveling, remarks at the country's largest trade fair in Guangzhou seemed to have comforted some export-oriented enterprises attending the event, which said that, according wow Power Leveling to widely circulated news within the manufacturing industry, the Chinese currency may appreciate within two months. "We're hopeful of signing contracts worth more than $100,000 each day here at the fair. "We'd be more confident with our business if the authorities keep the current yuan exchange rate for a while," Li Wei, deputy manager of a company manufacturing chains and sprockets in the eastern city of Hangzhou, told the Global Times. More than 70 percent wow gold, of the company's products are for export, Li said. "If appreciation takes place soon, those products with profit margins of over $20 can survive an increase of 2 to 3 percent of the yuan," Li said Sunday. Li said his company decided wow gold to increase prices from next month, due to the hike in raw materials and the pressure on the yuan's appreciation. Hu Jin, sales manager of an engineering products manufacturer in east Jiangsu Province, appeared less confident and expressed concerns. "Our days will be tough, if what wow power leveling, we worry about comes true finally, as we may suffer at least a 10 to 20 percent decline in profits," Hu said. The company has been working hard wow power leveling to make its production lines more sophisticated, increase added value and promote service quality to face the challenge, Hu said. He Weiwen, managing director of the China Society for WTO Studies, said the need to revalue the yuan was being greatly exaggerated, and he does not believe that the currency is undervalued. "Appreciation of the Chinese currency will lead to a decline in export industries, and more people related to the export industry will become unemployed." China overtook Germany wow gold, in 2009 as the world's biggest exporter, with exports amounting to $1.2 trillion the same year, WTO statistics showed. "If the yuan appreciated by 3-4 percent, the profits wow gold of many labor-intensive industries, especially shoes, textiles and clothing, would be wiped out," He said. To encounter possible economic losses, manufacturers, especially those engaged in labor-intensive sectors, He suggested, "should turn to high-value-added industries." "Besides, the government wow gold, would have to raise the export tax rebate rate to offset possible economic losses incurred by the appreciation of the yuan," He said. It is vital for enterprises themselves to wow gold innovate and develop high and new technology to adjust industrial structure, no matter whether or not the yuan will be appreciated, Tian Yun, a senior researcher at the Academy of China Macroeconomics, told the Global Times. China is going to lose its advantage in the export of low-priced goods, as India, Malaysia and other Asian countries are catching up in this sector, Tian said. "Enterprises should rely on technology reform to face the challenge, not simply depend on the government to bear the pressure on the yuan," Tian said.