Japan to watch 'with interest' China's new forex system: MOF
The Japanese government will watch ''with interest'' how China runs its newly adopted managed float system for the yuan, China's currency, a senior Finance Ministry official said Monday.
Vice Finance Minister Koichi Hosokawa said at a news conference China's scrapping of its fixed exchange system Thursday was an ''appropriate measure'' given the country's growing clout in the global economy.
The People's Bank of China said Thursday it scrapped the yuan's 11-year-old peg to the U.S. dollar, allowing the yuan, also known as renminbi, to float against a basket of other currencies.
The yuan was revalued to 8.11 to the dollar from the fixed rate of 8.28.
Critics had said the dollar-peg kept the yuan artificially low, giving Chinese exports an unfair trade advantage.
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