1.   The government continued its policy of devaluing the yuan in small, frequent steps during May.

2.   As Beijing has publicly acknowledged in recent weeks, China will eventually feel compelled to devalue the yuan to insure that its exports remain competitive.

3.   China has so far refused to devalue the yuan, which is also called the renminbi, even after a tide of devaluations swept through Asia last fall.

4.   Devaluing the yuan so that Chinese exports are cheaper is a tempting short-term solution.

5.   Explaining why China has no plans to devalue the yuan, he said the most important reason was that roughly half of exports required imported parts.

6.   Giving in to the temptation to devalue the yuan would echo ominously around the world.

7.   If China responds by devaluing the yuan, it could set off another wave of currency instability.

8.   It appears that the authorities remain unwilling to devalue the yuan for the time being, at least until they see if falling exports and prices can be controlled.

9.   Officials have repeatedly promised not to devalue the yuan.

10.   Prime Minister Zhu Rongji has repeatedly promised not to devalue the yuan, also known as the renminbi, any time this year.