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Chinese yuan strengthens to 17-year high on US pressure over currency policy

21-Sep-2010 7:31 AM

US President Barack Obama criticised China for its currency policy, stating it has not done “everything they said would be done”. “We are going to continue to insist that on this issue and all trade issues with China, it’s a two-way street” (Bloomberg, 20-Sep-2010). China’s yuan strengthened to a 17-year high on speculation the Chinese Government would yield to the increased political pressure from the US.