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China’s Currency Skirmish
October 14th, 2010
There’s been a lot of chatter about the yuan lately. Well, honestly there’s been a lot of chatter about the yuan for a lot of years. For over a decade, China pegged the yuan, which is the basic unit of the Chinese currency called the renminbi (yes—confusing), to the U.S. dollar. The Chinese government sets its ideal exchange rate by buying foreign exchange with yuan, thereby increasing the number of yuan per dollars in the global market. This keeps the ratio of yuan to dollars high, which means the exchange rate is artificially low (again—confusing—no...
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