Tuesday, December 13, 2011

China gets fresh chance to float the yuan

Economic gloom is deepening in China and abroad, forcing extraordinary measures. Responding to the euro zone’s debt crisis, for example, six central banks led by the U.S. Federal Reserve recently lowered the cost of emergency U.S. dollar funding for European banks. And at home, the People’s Bank of China cut the reserve requirement ratio for commercial lenders by 0.5 percentage points.

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