After being pegged to the U.S. dollar for 10 years, China has revalued its currency, the yuan by 2.1%. It is now 8.11 per U.S. dollar. Before, it was about 8.3. China has finally given in after escalating pressure from the United States and the European Union to revalue its currency. They claimed that the currency was undervalued and gave the country an unfair advantage in exporting.
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