China lets the yuan rise(zz)# Economics - 经济
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China lets the yuan rise
Jul 21st 2005
From The Economist print edition
SOONER or later, it was going to happen, and on Thursday July 21st
it did. China abandoned the 11-year-old peg of its currency, the
yuan, at 8.28 to the dollar. From now on, the yuan will be linked
to a basket of currencies, the central parities of which will be
set at the end of each day. And the currency has been revalued,
although by nothing like as much as America and others have been
demanding: the yuan's central rate a
Jul 21st 2005
From The Economist print edition
SOONER or later, it was going to happen, and on Thursday July 21st
it did. China abandoned the 11-year-old peg of its currency, the
yuan, at 8.28 to the dollar. From now on, the yuan will be linked
to a basket of currencies, the central parities of which will be
set at the end of each day. And the currency has been revalued,
although by nothing like as much as America and others have been
demanding: the yuan's central rate a