China bows to international pressure, including that of the auto industry, and revalues its currency for the first time in more than a decade. The U.S. has been pressuring Beijing to float the currency to alleviate the massive bilateral trade deficit it has with China. The renminbi now is revalued at 8.11 to the dollar, compared with the old rate of 8.2765, equal to a 2.1% revaluation. The currency reportedly will be allowed to fluctuate 0.3% up or down in daily trading; be pegged ...
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