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China to allow more exchange rate flexibility (AP)

June 19th, 2010

** FILE ** In this Nov. 17, 2009, file photo, a bank clerk stacks up renminbi banknotes at a bank in Hefei in central China's Anhui province. China's central bank promised Saturday June 19, 2010, to allow more exchange rate flexibility, suggesting a possible break from the Chinese yuan's two-year peg to the U.S. dollar, but it ruled out any large-scale appreciation. (AP Photo/File) ** CHINA OUT **AP - President Barack Obama welcomed China’s announcement Saturday that it will allow a more flexible exchange rate for its currency, saying it would help protect the economic recovery.


Tags: flexibility, barack obama, exchange rate flexibility, more, rate, allow, Exchange, China

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