China lets currency rise on dollar
Updated: 2006-09-29 15:01
It's been just days since Treasury Secretary Henry M. Paulson Jr. returned
from China, but already the Chinese government has sharply stepped up the
appreciation of its currency, allowing it to push through an important level
against the dollar on Thursday for the first time.
The recent climb — less than a full percentage point since the beginning of
September — is still modest and perhaps will not last. But it is producing
cautious hope in the Bush administration that the Chinese government may be
lifting its opposition to a revaluation that could ease China’s huge trade
surplus with the United States. more...
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