China allows yuan to appreciate against U.S. dollar

12/28/2007 | MarketWatch

Making good on its promises, the Chinese government allowed the yuan to rise against the dollar. The yuan was up 0.37% on Thursday from Wednesday's close, its largest daily increase ever. "It's a huge move," said Win Thin of Brothers Harriman. "I don't think it's in response to outside pressure, but rather to help China's domestic situation and fight inflation."

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