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Technology Stocks : Dell Technologies Inc.
DELL 138.10-0.1%12:07 PM EST
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To: Lee who wrote (81332)11/19/1998 1:06:00 PM
From: Mohan Marette  Read Replies (1) of 176387
 
<China> Yuan 'will not be devalued next year'.

Lee:
A bit of good news for the markets and also good for DELL.Recently though the U.S Commerce Undersecretary William something or the other accused China of devaluing its currency by proxy, anyway he accused China of extending subsidies to its export oriented companies thereby devaluing the Yuan by proxy.This really pissed of the Chinese and there was quite a ruckus about it in Kuala Lumpur.
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(Source:SCMP)Excerpts only.

Thursday November 19 1998

Yuan 'will not be devalued next year'

VIVIEN PIK-KWAN CHAN in Kuala Lumpur

The yuan will not be devalued next year and ensuring its stability was a long-term commitment, Foreign Minister Tang Jiaxuan indicated yesterday.

Throughout 1998, Beijing has upheld its pledge not to devalue. But some Asia-Pacific Economic Co-operation (Apec) countries are worried that, as the financial crisis deepens, it may have to devalue next year to alleviate economic pressure.

However, following the Apec leaders' summit, Mr Tang said the stability of the yuan would be maintained.

"Judging from all factors, there is no need to change or abandon this decision, and this strategy will be upheld," he said.

"The stability of the yuan is an important strategic decision of the central authorities and it is a long-term commitment."......
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