China Severs Its Currency's Link to Dollar# Business - 商学院
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By STEPHANIE HOO, Associated Press Writer
32 minutes ago
BEIJING - China dropped its politically volatile policy of linking its c
urrency to the U.S. dollar on Thursday, adopting a more flexible system
based on a basket of foreign currencies that could push up the price of
Chinese exports to the United States and Europe.
ADVERTISEMENT
The government also strengthened the state-set exchange rate to 8.11 yua
n to the dollar from 8.277 yuan, where it had been fixed for more than
a decade in a surpr
32 minutes ago
BEIJING - China dropped its politically volatile policy of linking its c
urrency to the U.S. dollar on Thursday, adopting a more flexible system
based on a basket of foreign currencies that could push up the price of
Chinese exports to the United States and Europe.
ADVERTISEMENT
The government also strengthened the state-set exchange rate to 8.11 yua
n to the dollar from 8.277 yuan, where it had been fixed for more than
a decade in a surpr