Published by Zeb BhamChina's foreign exchange valuation policy has caused a rare public rift between the central bank and various government departments.The New York Times reports that statements made earlier this month by Zhou Xiaochuan, governor of the central bank, were taken as a sign that China may soon value the yuan against the dollar.Mr Zhou commented that the yuan was being kept at a constant exchange rate against the dollar as part of a 'special' response to the global financial crisis, leading to speculation that China may engage in a limited flotation of the currency when conditions improve.However, a number of government departments, with the commerce ministry prominent among them, have rejected such a possibility and reiterated a firebrand refusal to bow to American pressure."It seems like they are talking from different perspectives," said Li Wei, the director of the American studies department at the Chinese Academy of International Trade and Economic Cooperation, speaking to the paper.For more information on international payments, visit our Smart FX site