Beijing Loosens Yuan ; Flexible Currency Policy Aimed at Quieting Criticism.

Summary

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SHANGHAI (AP) -- China followed through today on its pledge to allow greater flexibility in exchange rates but said an appreciation in its currency alone could not rebalance world growth as it urged world leaders to carry out more fundamental reforms.

Today, the yuan was trading at about 6.8012 to the U.S. dollar in the spot market, strengthening from 6.8272 on Friday -- as the central bank delivered on its weekend promise to give up the dollar peg imposed two years ago to help Chinese exporters cope with the global downturn.

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Beijing Loosens Yuan ; Flexible Currency Policy Aimed at Quieting Criticism.

For the past two years, Beijing has kept the yuan trading in a much narrower band around 6.83 to $1.

But analysts said the move was mainly aimed at countering crit...

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