China’s Officials Join the U.S. in Calling for a Stronger Yuan – Christina Soon

From Bloomberg News:

The U.S. has been calling for China to allow the yuan to appreciate for three years. Now, a growing number of Chinese policy makers are seeking faster gains in the currency.

Top officials in China including Zhu Baoliang, chief economist at a research group linked to the main economic planning agency, have said a stronger yuan is needed to narrow a record trade surplus and control inflation.

Traders seized on the comments as evidence China is ready to let the yuan rise faster. The Chinese currency closed the week at 7.9720 to the dollar, its strongest since the government scrapped a peg to the U.S. currency last year. [Full Text]

Also see Appreciation wins support as yuan tests new ground

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