Tuesday, June 12, 2007

Yuan Rises to Highest Since End of Peg in 2005; Paulson Urges Flexibility

(Bloomberg) -- The yuan rose to the strongest since
2005 on speculation China will allow faster gains to help ease
trade tensions with the U.S., after Treasury Secretary Henry
Paulson urged increased currency flexibility.

Some U.S. senators plan to introduce legislation in Congress
today to push China to let the yuan rise quicker to reduce its
record trade surplus. Paulson suggested yesterday that China
isn't moving fast enough on the exchange rate, a day before a
Treasury report on whether countries manipulate their currency.


Read more at Bloomberg Currencies News

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