China to Gradually Revalue Yuan

Following mounting pressure by the U.S. and the G20 nations, China over the weekend announced it would gradually revalue the yuan, says the Wall Street Journal.

 

A managed floating exchange rate could "eventually boost the spending spending power of China's own consumers, easing the strains with other nations caused by its long reliance on cheap exports," notes the Journal.

 

The Journal adds that the move could strengthen investor confidence which has been shaken by the financial crisis in Europe and a slowdown in Chinese housing sales.

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