From Bloomberg:
China’s central bank reiterated the government’s intention to rein in the fastest economic growth in a decade and foreshadowed several measures, including greater flexibility in the currency exchange rate.
The People’s Bank of China didn’t say when the changes would come or elaborate on their nature in a story published yesterday by the state-run Xinhua News Agency. The yuan rose yesterday against the dollar, approaching the highest since a July 2005 revaluation. U.S. Treasury Secretary Henry Paulson on Aug. 1 joined Chinese officials in asking for faster gains to cool growth. [Full Text]
