Arthur Frommer

November 29, 2009

China travel bargains may disappear

For the past several years, White House officials of both parties and U.S. Secretaries of the Treasury have sought to pressure China into raising the value of its currency. Although they have succeeded in part — the Chinese yuan, once exchanged at a rate of nearly 8 to the U.S. dollar, is now selling for 6.82 — they have never achieved the realistic exchange value that a unit of Chinese currency should have: around 5 to the dollar.

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