By loosening its currency's peg to the dollar, China is seeking to defuse complaints that it keeps its exports artificially cheap, strengthen its hand against inflation and ensure its economy can keep growing at a healthy pace.
The Chinese yuan surged to a record high Monday as Beijing delivered on its central bank's weekend promise of greater flexibility in its exchange rates. World shares rallied as investors took heart from the signal of confidence in China's resilience.
Analysts said the move was not a major shift in foreign policy. They described it instead as a maneuver aimed mainly at countering criticism of Beijing's currency policies before this …
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