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Chinese Yuan

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Chinese Yuan
The currency of the People's Republic of China. It was introduced in Communist areas of China in 1948 during the Chinese Civil War, replacing multiple currencies previously in use. For much of its history, it was pegged to the U.S. dollar, which became especially important during the 1980s when China began opening itself to international trade. In 2005, the peg was changed to a currency basket, though the dollar remains important. In 2009, the Chinese government started to signal further dissociation from the dollar, though analysts disagree on how serious such moves are given the amount of dollar debt held by China.


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Meanwhile, Obama's calls for faster appreciation of the Chinese yuan are likely to bounce off a Great Wall of silence.
If the Chinese yuan appreciates too fast, the huge numbers of export industries will suffer," Yu said.
Commerce Secretary Gary Locke, speaking at a conference in Guangzhou, China on Tuesday, said the United States welcomes the rise in the Chinese yuan s exchange rate in recent years, but wants the currency to climb further.
 
 
 
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