China to let currency floatChina took a bold step toward...

BUSINESS DIGEST

December 30, 1993

China to let currency float

China took a bold step toward making its currency convertible yesterday by announcing it would unify exchange rates and float the yuan beginning Saturday.

China will abolish the state-set rate for its currency -- a fixture left over from more than four decades of socialist central planning -- and let the laws of the market control the yuan, the People's Bank of China said.

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