Logo of Phnom Penh Post newspaper Phnom Penh Post - New Briefs: No Yuan Devaluation

New Briefs: No Yuan Devaluation

New Briefs: No Yuan Devaluation

BEIJING (AP) - The Chinese government does not plan any drastic reduction in its

currency's official exchange rate despite the Yuan's plunge on semi-official swap

markets, a newspaper said on June 6.

After a state-set ceiling was lifted on June 1 at the swap market, the Yuan fell

from about 8 to the U.S. dollar to about 10 to the dollar. The closing price at the

Shanghai foreign exchange swap market on Juen 4 was 10.23.

The swap market are used by Chinese and foreign businessmen who need to exchange

large quantities of currency, as China's currency is not convertible.

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