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


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.


Baltimore Sun Articles
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.