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China defends low currency exchange rate

China defends low currency exchange rate
Wednesday, October 26, 2011 - 8:23am

China once again defended its currency's exchange rate. China's currency policy has caused several political headaches for the country. China artificially keeps its exchange rate low in order to boost its economy.

Speaking at a press conference wednesday in Beijing, a foreign ministry spokeswoman said a rapid appreciation of its currency would not be good for the world economy. The U.S. senate passed a bill earlier this month that aims to pressure Beijing to raise the value of the yuan more quickly.


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