The Chinese yuan gained on the prospect that the central bank will stop keeping the currency at current rate, removing the a 21-
The Peopleâs Bank of China revealed its plan to sell the
Timothy F. Geithner, the U.S. Treasury Secretary, expressed his opinion that China can make its own decision on when to revalue the yuan. According to him:
This is Chinaâs choice, itâs their judgment to make. I am confident that China will decide itâs in their interest to resume the move to a more flexible exchange rate.
Yet there is remains the possibility that the U.S. will blame China for currency manipulations, if China will try to hold the current price of its currency.
USD/CNY fell as low as 6.8249 today after opening at 6.8260 but went up to 6.8264 as of 21:10 GMT. EUR/CNY dropped today to 9.1056 by 21:15 GMT from the opening price of 9.1421.
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