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U.S. Urges China to Loosen Peg on Yuan; Asian Leaders Debate Currency Policy.
Byline: Wichit Chantanusornsiri
Sep. 4--Senior finance officials yesterday debated the merits of fixed versus floating exchange rate regimes behind closed doors at the Asia Pacific Economic Cooperation forum (Apec) meeting yesterday.
The exchange comes against the backdrop of a growing diplomatic conflict between the United States and China. US officials in recent months have been increasingly vocal in their desire to see China loosen its currency peg, maintained at 8.28 yuan to the US dollar since 1994.
Many analysts agree that the Chinese yuan is considerably undervalued given the country's strong current account surpluses and economic growth. ...
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Source: HighBeam Research, U.S. Urges China to Loosen Peg on Yuan; Asian Leaders Debate Currency...