Columbia University economist and Nobel laureate Robert Mundell declared victory for China in its effort to fight off pressure to revalue the yuan, saying Beijing had prevailed over foreign trade partners urging China to drop the yuan's US dollar peg and allow market forces to determine its value. Mundell, who has supported China's position arguing sudden changes could create global instability, said Beijing had the option to switch to a euro link or to work with Asian governments to develop a new regional currency mechanism ï¿½ the subject of a United Nations-sponsored finance forum in Langfang , Hebei province, in November. The meeting is being co-sponsored by the central government.
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