(Bloomberg) -- The yuan rose to the highest since a
dollar link was scrapped in July 2005 after China widened the
currency's daily trading limit.
The gesture comes before Vice Premier Wu Yi meets U.S.
Treasury Secretary Henry Paulson in Washington on May 22-24 as
part of a dialogue aimed at reducing global trade imbalances. A
stronger yuan will increase export prices and lower import costs,
helping narrow China's record trade surplus and appease U.S.
lawmakers who say China's currency policy and the U.S. trade
deficit are losing American jobs.
Read more at Bloomberg Currencies News
dollar link was scrapped in July 2005 after China widened the
currency's daily trading limit.
The gesture comes before Vice Premier Wu Yi meets U.S.
Treasury Secretary Henry Paulson in Washington on May 22-24 as
part of a dialogue aimed at reducing global trade imbalances. A
stronger yuan will increase export prices and lower import costs,
helping narrow China's record trade surplus and appease U.S.
lawmakers who say China's currency policy and the U.S. trade
deficit are losing American jobs.
Read more at Bloomberg Currencies News
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