China revalues currency
AFP,Beijing
China Thursday revalued its currency for the first time in about a decade, pegging the yuan to the US dollar at 8.11, up from 8.28, and also scrapping the decades-old peg to the dollar in a favour of basket of currencies. "From today, the renminbi rate against the US dollar will appreciate by 2 percent," said the website of China's central bank, the People's Bank of China, on Thursday. "One US dollar will exchange for 8.11 yuan."
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