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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (17024)11/28/2004 11:31:41 PM
From: RealMuLan  Read Replies (1) of 116555
 
Yuan Forwards Drop After Wen Says China Won't Bow to Pressure
Nov. 29 (Bloomberg) -- Traders decreased bets the yuan will be allowed to strengthen after Chinese Premier Wen Jiabao said China won't relax the currency's fixed exchange rate to the dollar under pressure from other countries.

Revaluation ``should be introduced when the timing is right,'' the Hong Kong-based South China Morning Post cited Wen as saying during the Association of Southeast Asian Nations summit in Laos. ``Rampant speculative activities on the yuan'' will make the introduction of any measures ``impossible,'' Wen said, according to the paper.

quote.bloomberg.com
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