China's Central Bank is issuing a special 10 yuan currency note to commemorate the Beijing Olympics, swapping the image of communist leader Mao Zedong for a picture of the city's iconic national stadium on Renminbi.

Chinese currency rallied as a slide in regional stock markets heightened risk aversion and crimped demand for higher-yielding currencies and assets.

A U.S. envoy said Tuesday that China had to move more quickly to implement needed economic reforms or would face major risks to its economy.

The International Monetary Fund's former chief economist says China is violating its rules by keeping its currency artificially undervalued. VOA's Barry Wood reports Michael Mussa says Beijing must revalue its currency for the sake of global economic stability.

The under-valuation of China's currency is at the center of Friday's meeting in Washington of finance ministers from seven industrial countries.

The U.S. Treasury Secretary says he opposes legislation that seeks to force China to liberalize its currency exchange policies. Daniel Schearf reports for VOA from Beijing that Henry Paulson is visiting to discuss plans for the next round of high-level economic dialogue between the United States and China.

U.S. Treasury Secretary Henry Paulson Wednesday told a congressional panel that it is in China's interest to permit its currency's exchange value to be determined by market forces.

China's key stock index rose 2.56 percent on Wednesday, moving up for the seventh consecutive trading session, with bank shares getting a boost by a sharp appreciation of the country's currency.