China_Said_Close_to_Announcing_Currency_Revision

China_Said_Close_to_Announcing_Currency_Revision - China...

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China Said Close to Announcing Currency Revision By KEITH BRADSHER Published: April 8, 2010 HONG KONG — The Chinese government is very close to announcing a revision of its currency policy in the coming days that will allow greater variation in the value of its currency combined with a small but immediate jump in its value against the dollar, people with knowledge of the consensus emerging in Beijing said on Thursday. While the possibility remains of a last-minute glitch that could delay an announcement, China’s central bank appears to have prevailed with its arguments within the Chinese leadership for a stronger but more flexible currency, these people said. They insisted on anonymity because of the sensitivity of the issue in Beijing. The model for the upcoming shift in currency policy is China’s move in 2005, when the leadership allowed the renminbi to jump 2 percent overnight against the dollar and then trade in a wider daily range, but with a trend toward further strengthening against the dollar. For the upcoming announcement, however, China is likely to emphasize that the value of the renminbi
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This note was uploaded on 05/07/2011 for the course BUS 1302 taught by Professor Falcon during the Spring '11 term at University of Texas at Dallas, Richardson.

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China_Said_Close_to_Announcing_Currency_Revision - China...

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