US treasury Secretary John Snow last week said that China should revalue its currency "now." Jing provides us with a translation of Premier Wen’s response.

Chinese Premier Wen Jiabao said Sunday China must uphold the principles of independent initiative, controllability and gradual progress in pursuing RMB exchange rate reform.
"By ‘independent initiative,’ we mean to independently determine the modality, content and timing of the reform in accordance with China’s needs for reform and development," said the premier when addressing the opening ceremony of the Sixth ASEM Finance Ministers’ Meeting, held in Tianjin, a port city in North China.

In laymen’s terms, that roughly translates as a sod off to the recent statements by both members of Congress and the Bush administration over the currency issue.

The now banned-in-China Macroblog notes that Europe is more-or-less ok with this.:

.. it is up to China to decide the timing (of exchange rate reform) and we are waiting," [Deputy Finance Minister Caio K. Koch-Weser of Germany] said…
RT Hon Des Browne, chief secretary to the British Treasury, said he was "pleased" by what the Chinese premier said, adding, "We will continue to be supportive of China’s ambition in this regard."
"It is very important and very good that Chinese leaders paid great attention to this matter (currency reform) and I’m sure this matter will develop in time," Rastislav Sulla, counselor/head of the trade and economic department, the Slovakian Embassy to China,told Xinhua.

To defend the Chinese side, it is only reasonable that the country put proper hedging mechanisms in place ahead of any change in its currency regime. To defend the US side, the slow-moving CPC is taking far too long to do this.