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China keeps the Yuan Exchange rate unchanged despite a weekend pledge by policy makers to make the currency more flexible.
The People’s Bank of China set the central parity rate the center point of the currency’s allowed trading band at 6.8275 to the dollar. The Central Bank said that it would strengthen the flexibility of the Yuan exchange rate, which some analyst saw as a sign Beijing was ready to adjust the dollar peg in place for two years and allow the currency to rise.
China has effectively pegged the Yuan at about 6.8 to the dollar since mid-2008 to prop up exporters during the world financial crisis.
Source – SMH.COM
