CHINA
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From Times Staff and Wire Reports
Single Exchange Rate Reported Ready for Adoption: China will abolish its official exchange rate next year and set a single rate for the yuan at currency market levels, the official China Daily said. Under the reform program, the government will stop circulation of Foreign Exchange Certificates, a special currency for foreigners, and allow companies easier access to swap markets. The government plans to use tax, credit and trade policy to stop the yuan from diving on swap markets during the reform.
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