C-Cube Message Board - Msg: 4490902

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Technology Stocks : C-Cube

CUBE 36.31

-0.9%

3:59 PM EST

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To: John Rieman who wrote (33244)	5/17/1998 3:52:00 PM
From: CPAMarty	of 50808

China rejects devaluation A senior Chinese official repeated that China will not devalue its currency, although he admitted devaluations of other currencies in the region have put ''some pressure'' on China's exports. ''The renminbi will not devalue, and there's no need to devalue it,'' said Li Fuxiang, deputy director general of the State Administration of Foreign Exchange. ''The renminbi will not devalue in 1998.'' Li said the devaluations last year in Asia ''would present some pressure on our exports.'' But he noted that China's exports remained strong in the first quarter and said China has taken measures to ensure it ''will be able to relieve the pressure.'' Keeping the yuan stable ''will help the early recovery of Southeast and South Asia countries,'' Li said. investors.com

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