Yuan peg under pressure
Pressure on China to revalue the renminbi gathered momentum last month, with calls from Alan Greenspan, chairman of the Federal Reserve, for a change in the yuan’s peg to the US dollar.
“He used tougher wording than he has in the past, and said it would be to the detriment of China if it did not make a move sooner rather than later,” Steve Saldanha, chief forex strategist at TD Securities in Toronto told Asia Risk’s sister publication FX Week.
Many US politicians argue that the renminbi is
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