World IN BRIEF : CHINA : 9.57% Devaluation of Yuan Announced
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From Times Staff and Wire Reports
China announced a 9.57% devaluation of its currency, beginning this weekend. The buying rate will change from 4.71 yuan to the dollar to 5.21, and the selling rate from the previous 4.73 yuan to the dollar to 5.24. Last December, the Chinese yuan was devalued by 21.2%. China’s currency is not convertible on world money markets. The new rate is still slightly below the black-market rate.
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