February 22, 2004

Money. China banks act on anticipated re-evaluation of the yuan. Quotable:

A report two weeks ago in a financial newspaper controlled by the stockmarket authority said China would move next month from its decade-old peg of 8.28 yuan to the US dollar to a rate set against a basket of currencies, and would carry out an upward revaluation of 5 per cent. The report has been denied repeatedly, but Chinese officials have started using the term "basic stability" rather than an outright dismissal of any change ..
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