After a year of near constant criticism from the Treasury Secretary Timothy Geithner and the U.S. government, China has quietly allowed the yuan’s appreciation to pick up pace.
The Chinese currency moved below 6.6 to the dollar today for the first time since 1993. The move is part of a broader, steady move to allow the yuan to appreciate against the dollar.
According to analysts cited by Bloomberg, this appreciation will continue next year, with their projections sending the yuan higher by 6%. The aim: fighting domestic inflation in China.
And over the longer-term (30 days), subtle if serious revaluation of the currency.
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