China's central bank tries to stop surge in currency's value
Beijing, Jun 1 (AP-PTI) China's central bank is trying to restrain the surging exchange rate of its currency, temporarily backtracking in efforts to make the tightly controlled yuan more flexible and market-oriented.
On Monday, commercial lenders were ordered to hold more of their foreign currency as reserves in the central bank to limit sales after the yuan hit a four-year high of 6.3674 to the US dollar.