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Article: CHINESE ECONOMIST WARNS OF RISKS OF CONTINUED YUAN APPRECIATION.
- Article from:
- AsiaPulse News
- Article date:
- July 25, 2007
CopyrightCOPYRIGHT 2007 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BEIJING, July 25 Asia Pulse - A Chinese economist has warned that the continued yuan revaluation in a single direction may adversely affect the country's economic and financial security, with the yuan rising at a faster pace since the beginning of this year mainly due to outside pressure.
The Chinese currency, the yuan, rose in small steps during the first year after the central bank dropped the peg to the U.S. dollar in July 2005 and linked the yuan to a basket of foreign currencies.
The driving force behind the yuan appreciation then was economic growth itself and the progress in the financial sector, said Tan Yaling, a research analyst with the Bank ...