U.S. Treasury Warns Against China Reviving Yuan Control: Bloomberg

U.S. Treasury Warns Against China Reviving Yuan Control: Bloomberg

YEREVAN, April 8. /ARKA/. A backtracking by China in its commitment to move toward a market-determined exchange rate for the yuan would provoke serious concern in the Obama administration, a U.S. Treasury official said.

China allowed the yuan to depreciate before widening the exchange-rate band on March 17. The changes occurred as China continued to build current-account surpluses, accumulate excessive foreign reserves and attract significant net foreign-direct investment, the official said today on condition of anonymity.

Since the start of this year, the People’s Bank of China has guided a 2.5 percent loss on the yuan to help curb speculative bets on appreciation of the currency, according to Nomura Holdings Inc. –0--

12:38 08.04.2014

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