China’s central bank on Sunday said it would continue to hold control to maintain the basic stability of Yuan. The bank said on its Web site Sunday that the authorities should continue to hold control over the various fluctuations in currency exchange rates to maintain the basic stability of Yuan. This comment was uttered after the central bank on Saturday announced plans to allow more flexibility to its currency. But they said on Sunday that there was no reason for massive changes over its currency. Beijing international pressure let the Yuan rise to reduce global economic imbalances, including a large U.S. trade deficit with China. American President Barack Obama welcomed China’s announcement, saying the decision is to build steps that will protect the global economic recovery.
Jun
21