It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

After repeatedly saying that it would not, China revalues the Yuan

page: 1
0

log in

join
share:

posted on Jul, 21 2005 @ 12:51 PM
link   

China has revalued its currency, the yuan, for the first time in a decade - a move welcomed by the US, a long-time critic of its exchange-rate policy. The reform is being seen as the first step towards the liberalisation of China's tightly controlled currency.

The yuan will no longer be pegged to the dollar, but will float against a basket of currencies.

It will also appreciate against the dollar, mollifying critics who say a cheap yuan has helped Chinese exports.

"I welcome China's announcement today that it is adopting a more flexible exchange rate regime," said US Treasury Secretary John Snow in a statement.

"As we have said, reform of China's currency regime is important for China and the international financial system."


Entire article


The U.S must have told China that it was going to take them to the WTO.




posted on Jul, 21 2005 @ 01:07 PM
link   
Its about time, but 2%? trying to put out a forest fire with a garden hose.....



new topics
 
0

log in

join