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Asian stocks rise on China's flexible yuan


Asian stocks rise on China's flexible yuan


China’s decision to strengthen the yuan has seen shares rise across Asia.

The central bank announced on Saturday that it was ready to make the currency more flexible, citing a global recovery and more balaced external trade.

Beijing’s also ruled out a one-off move signalling its confidence in the economy.

Europe and Washington have welcomed the news
but some economists have urged caution.

“Currency reform will ease tensions between Washington and Beijing but it won’t resolve the problem fundamentally,” according to Zhou Shijian, Senior Fellow at Tsinghua University.

Beijing has kept the yuan frozen against the dollar to help Chinese manufacturers compete amid weak global demand.

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