date:Aug 02, 2013
therwise Chinese banks would be unable to compete efficiently for funds. A steady, controlled appreciation of the RMB (also known as the Yuan) in recent years in the past decade excluding a period between 2008 and 2010 when the currency was effectively frozen has seen Chinas currency appreciate an average 7 percent a year in value against the U.S. dollar. The RMB had long been pegged to the U.S. dollar at CNY 2.46 per USD 1.00 until China, seeking to boost its exports, in the late 1970s switche