OTHER NEWS - Nov. 30, 1992
Chinese Currency Devaluation Rumored: China’s currency is expected to continue dropping in value against the U.S. dollar, as rumors swirl that Beijing is contemplating making the renminbi (“people’s currencyâ€) freely convertible. The official exchange rate has slid from 5.54 yuan to the dollar on Nov. 1 to 5.71 now, but the black market rate is said to be 7.7. Bankers say there have been a spate of rumors recently that Beijing will soon allow the renminbi to float with the market, as a crucial step in China’s drive to re-enter the global General Agreement on Tariffs and Trade.
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