Yuan Caps Monthly Gain as Wen Says Appreciation Good for China
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China’s yuan rose, approaching a 17-year high, after Premier Wen Jiabao said a stronger currency will benefit the nation’s economy.
While the appreciation will be gradual, strength is beneficial as it curbs inflation, Wen said yesterday in an online interview with citizens. The government has set an annual economic growth target of 7 percent for the five-year period through 2015, compared with 7.5 percent for the preceding five years, Wen said.