Steady Steering
Government officials in China announced they would keep the country’s currency at a stable level and try to curb investment growth. The United States sent a delegation to China recently to try to pressure the government to float the yuan, which U.S. officials say is undervalued, making Chinese exports, such as apparel and textiles, cheaper in foreign countries. The delegation urged the People’s Bank of China to do something about the currency and the widening trade gap between the two countries.
