Monday, June 21, 2010

China's Yuan Jumps After Flexibility Pledge

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China's Yuan Jumps After Flexibility Pledge

China's yuan soared on Monday to its highest against the dollar since the landmark 2005 revaluation, with the central bank stepping aside and tolerating broad gains on the first trading day since scrapping the currency's two-year peg to the dollar.


Its announcement at the weekend that it would give the currency greater flexibility was welcomed globally, including by the United States, albeit with some caution as policymakers waited to see what the words would mean in practice.

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Original content Bob DeMarco, All American Investor