The yuan has strengthened past 8 to the US dollar for the first time in 12 years amid speculation the government is allowing the currency to appreciate more quickly, Bloomberg reported. Foreign Ministry spokesman Liu Jianchao promised the exchange rate would be made more flexible after the United States Treasury Department decided not to brand China a currency manipulator. A statement released by Chinese officials following a meeting with EU counterparts supported this, saying China is to "make the exchange rate more responsive to market supply and demand."
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