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Bucking recently lowered expectations, China puts out a statement ahead of the G-20 summit...

Bucking recently lowered expectations, China puts out a statement ahead of the G-20 summit saying it will "increase the renminbi’s exchange-rate flexibility" following an improvement in the economy. China didn't set a timeline for the change, and ruled out a one-off revaluation, saying there is no basis for “large-scale appreciation."
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Comments (2)
  • Econ Grapher
    , contributor
    Comments (232) | Send Message
     
    Reasonably mysterious announcement... but a win for them, they can now claim to moving on the yuan which will deflect some criticism and move the debate at the G-20 meeting. But just what exactly will happen next (or when) remains a mystery, very interesting!
    19 Jun 2010, 03:35 PM Reply Like
  • Duude
    , contributor
    Comments (3398) | Send Message
     
    I'm not surprised at all by this announcement. The Chinese are simply making use of smart diplomacy ahead of the G-20. With no definite goals or time lines they're offering basically nothing at all while warding off any plans of other nations to take them to task on their currency at the G-20.
    19 Jun 2010, 05:06 PM Reply Like
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