China’s Promise of Flexibility

By on June 21, 2010

Overseas stock markets and U. S. stock futures were sharply higher this morning on news that the Chinese indicated they would allow the yuan to float more freely on currency exchange markets.

The yuan rose as high as 6.8110 per dollar, up just 0.2 percent from its close on Friday of 6.8262, but still the highest level since September 2008.

It was also the biggest intraday rise since October 2008, further evidence that the central bank was allowing the currency some room to move more freely.

Source: CNBC
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