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M. Continuo

China's Hu says to let yuan float gradually: report


    NEW YORK (Reuters) - China will gradually adopt a floating exchange-rate system for its yuan currency, Dow Jones Newswires said on Friday in a report citing a speech by President Hu Jintao posted on China's Ministry of Foreign Affairs website.

    The Chinese yuan initially strengthened against the U.S. dollar in the one-month offshore non-deliverable forward market after the Dow Jones headlines were published.