China Appears Set to Make Currency Policy More Flexible

The Chinese government is preparing to announce in the coming days that it will allow its currency to strengthen slightly and vary more from day to day, a move being taken for domestic policy reasons in China but likely to please the Obama administration, people with knowledge of the emerging consensus in Beijing said on Thursday.

While any announcement could still be delayed, China’s central bank appears to have prevailed with its arguments within the Chinese leadership for a stronger but more flexible currency, known as the renminbi or yuan, these people said.

Insisting on anonymity because of the sensitivity of the issue in Beijing, they predicted that China’s policy shift could easily come before President Hu Jintao arrives in Washington next week for discussions with President Obama and other world leaders on improving nuclear security.

Read Full Article from International Herald Tribune

- Posted: 2010-04-08 10:30:25

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