Brief Rise In Chinese Currency Stirs Markets

April 30, 2005

As was being expected in circles for long, Chinese currency finally did register some gains and although the evidence was tenuous, it was enough to send foreign exchange markets into lather.

Sources close to ministry now admit that “conditions were ripe for changes in the country's decade-old practice of keeping its currency, the yuan, pegged to the dollar”. During early afternoon trading in Asia, the yuan's exchange rate against the dollar briefly departed from its usual, narrow trading band, sparking speculation that a revaluation would be announced in a matter of days. The U.S. dollar fell sharply against other Asian currencies, especially the Japanese yen.

Comment on this article * Your Name * Email Address * Subject * Comment Write the characters in the image above (Case sensitive) Note : Editor reserves the right to deny publishing any comments which is either abusive or racially discriminatory.