China Allows Rise in Currency Value
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The government evidently has decided to permit the currency to appreciate much faster than before.
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China's central bank on Thursday raised  interest rates for the first time in nearly a decade in a  surprise move that was the boldest so far aimed at guiding a  heated economy onto a path of slower growth.
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China made its debut last night in the club of the world's leading economic powers, as international pressure mounts to change a decade-old currency peg that critics accuse of giving Chinese products an unfair competitive edge.
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China's trade surplus rose a bigger-than-estimated 73 percent in May from a year earlier, increasing pressure on the government to allow faster currency gains.
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Foreign exchange markets felt the impact of China's growing economic muscle this week when a report claiming the country's central bank had sold US Treasuries helped push the euro to all-time highs, underscoring market sensitivity about a possible yuan revaluation.
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Global financial markets are improving but uneven conditions may persist, and China must allow the value of its yuan currency to rise more rapidly, finance officials from the rich nations said on Friday.
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THE euro is rising to record levels against the dollar, winning favor as a reserve currency in central banks from Russia to China, and flexing its muscles in bond markets.
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Chinese stocks rose to a new high Thursday, surging past the previous peak set in 2001 amid renewed confidence in the country's markets and expectations for a stronger local currency.
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Global finance chiefs sought a way  on Friday to put pressure on China to let its currency rise in  value to ease global trade imbalances and also aimed to craft a  message to soothe turbulent financial markets.
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A group of influential US Senators are due to unveil legislation to force China to raise the value of its currency.
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China's central bank said it would take a &quot;gradual and safe&quot; approach to loosening the yuan-dollar peg, following International Monetary Fund (IMF) calls to let the currency float in a wider margin.
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The dollar hit a three-month high against  the euro and closed in on a one-month peak versus the yen on  Monday after China told the world's richest nations that it was  committed to revaluing its currency but would not do so soon.
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China is willing to promote  flexibility of its currency, but it will keep the yuan  &quot;basically stable at a reasonable, balanced level,&quot; Vice  Premier Wu Yi said on Thursday.
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The dollar rose in Asia after China gave the Group of Seven no timetable to move to a flexible exchange rate, resisting a US government effort to stop Asian nations weakening their currencies.
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Global finance chiefs sought a way on Friday to put pressure on China to let its currency rise in value to ease global trade imbalances and also aimed to craft a message to soothe turbulent financial markets.
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China on Sunday took aim at price manipulators and hoarders of goods, as Beijing ramped up its campaign to rein in inflation which is running at its highest level in more than a decade.
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Global finance chiefs sought on Friday to put pressure on China to let its currency rise in value to ease global trade imbalances and also aimed to craft a message to soothe turbulent financial markets.