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.