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06-12-2007
Yuan, a lost battle
| Since last week visits in Beijing by European ECB officials and another call by Paulson for a faster yuan appreciation, Chinese currency has depreciated instead. Western world is trying to act as a unified force in pushing Chinese officials to revalue their currency, but heavy industrial dependance on Chinese output and signs that some renewed confidence in the greenback might return to the market are denting these efforts. Chinese will not give in to pressures unless they get something in exchange, namely the possibility of getting relevant stakes in western companies. |