Yuan Rises to 17-Year High After Hu Says Inflation Tops Agenda
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China’s yuan advanced to its strongest level in 17 years after President Hu Jintao vowed to maintain efforts to rein in inflation.
Stabilizing prices will be a priority and the government will persist with its “prudent” monetary policy in the second half of the year, Xinhua News Agency reported on July 22, citing Hu. The currency fell as much as 0.04 percent earlier as U.S. lawmakers failed to agree on a proposal to raise the nation’s debt ceiling and reduce the risk of a default.