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China Scraps Yuan's Peg to Dollar

China bows to international pressure and announces it will revalue its currency. The yuan will be revalued by 2.1 percent, less than what the United States wanted and perhaps not enough to satisfy congressional critics who want protectionist measures to stem the flow of Chinese imports. The Yuan will now be pegged to a basket of international currencies.

Copyright 2005 NPR

Adam Davidson
Adam Davidson is a contributor to Planet Money, a co-production of NPR and This American Life. He also writes the weekly "It's the Economy" column for the New York Times Magazine.