Economy- World News- China- Exchange Rate- Yuan
China Exchange Rate Unchanged After Yuan News
The official exchange rate for China’s currency stood unchanged Monday morning in line with the central bank’s warning the value of the yuan would not dramatically rise after its two-year peg to the dollar ended.
The central bank left the yuan’s parity rate against the U.S. dollar unchanged Monday at 6.8275, the official Xinhua News Agency said. The rate is a weighted average of prices given by market makers, excluding highest and lowest offers.
A stronger yuan would make Chinese exports more expensive and bring relief to foreign manufacturers that have struggled to compete. But Beijing has insisted currency stability is fundamental to economic growth, denying other nations’ accusations the yuan is unfairly undervalued……
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