Yuan extends gains against the dollar
Tue, 17 Jun 2008 09:29The Yuan has extended gains to 20% since China ended a fixed exchange rate to the dollar in 2005. The currency climbed to a post-peg high of 6.89 per dollar today as the People's Bank of China seeks faster appreciation to curb the cost of imports and slow inflation.
As a result of the rising Yuan, U.S. Treasury Secretary Henry Paulson's semi-annual talks with Chinese officials will focus on energy and the environment. Previous meetings have been marred by exchange rate tensions.
