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Wednesday, Feb 8, 2023

China Revalues Yuan 2.1 Percent

China finally bowed to two years of political and market pressure on Thursday by revaluing the yuan by 2.1 percent and leaving the door open to further rises by abandoning the currency’s decade-old peg against the dollar.


After keeping the yuan virtually fixed near 8.28 per dollar since 1996, China said that it was adjusting the currency’s value to 8.11 and tying it from now on to a basket of currencies of China’s main trading partners.


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