US and Europe call to dump yuan peg.
| Position | Update - Brief Article |
US companies have complained to lawmakers that China's eight-year policy of fixing the yuan at a rate of 8,2770 to the US dollar gives its companies an unfair edge and fuels a current-account surplus.
The European Union and Japan have all called for China to abandon the peg, which has enabled the yuan to track the dollar's 11 per cent decline against the euro in the past year and hold down the price of Chinese-made products. US Treasury Secretary John Snow said the US would welcome a more...
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