It has been trying to promote the yuan as an alternative to the US dollar as a global reserve currency.
This was both insurance against another run on the rupiah and part of China's experiment with using the yuan as an international currency.
The country could also take advantage of the world's disillusion with the dollar to promote the yuan as an international store of value and medium of exchange.
But that may reflect the Chinese regulator's decision to tighten up on triangular trade transactions, in which Chinese importers paid yuan to an intermediary, who then paid the foreign supplier in dollars.
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In 2007, Fitch reckons, it took 1.28 yuan of extra financing to produce an additional yuan of GDP.
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The IMF's Steven Barnett and Ray Brooks calculate that in urban areas every extra yuan the government spends on health prompts an extra two yuan of consumer spending.
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What better time to review the apparently successful bit of financial diplomacy by which China is slowly freeing up the yuan than at an IMF meeting?
Last year Chinese energy drink sales reached 5 billion yuan, registering an annual growth of 45%, according to the market research group China Investment Research Consultant.
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An interest rate of just over 4% on yuan deposits compared with 2% on dollars, combined with an expected appreciation in the yuan, offers a seemingly risk-free profit for those who can get money into China.
The central government is spending more on education: 54 billion yuan last year, an increase of more than 39%.
This all means that an undervalued Yuan makes input prices (and production costs) higher than they otherwise would be.
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However, judging by what businesses on the ground in China are telling the local press, the yuan is slowly becoming an even bigger culprit.
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The plan calls for reforms in the country's value-added tax regime that would save industry 120 billion yuan, according to an estimate by the government.
One, they have allowed the yuan to appreciate at an accelerated pace to its firmest level in 17 years, as market strategist Dave Rosenberg has pointed out.
An appreciating Yuan reduces production costs, which enables Chinese processors to lower their prices for export and still earn profits, mitigating (sometimes entirely) the higher prices otherwise associated with a stronger currency.
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At the moment, it doesn't appear that the dollar-yuan exchange rate is having an enormously harmful effect on the broad U.S. economy.
He makes a maximum of 4, 000 yuan a month, but an apartment for his wife and two children will cost about 250 times that amount.
And everyone is looking at China and the value of the yuan, and preparing for an expected currency showdown at the November G20 meeting in Seoul.
In 2012, the yuan has so far strengthened at an annualized rate of more than 2 percent.
Dim sum bonds provide an investment outlet for yuan that would otherwise be stuck in low-yielding bank deposits.
It offered the bond in London, which is vying to beat other financial centres in developing an offshore market for yuan-denominated products.
Providing 100% of the seigniorage to African nations or at least an 85% to 15% split in their favor might even incentivize an African nation to yuan-ize its economy.
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The strongest argument for a revaluation now is not that the yuan is undervalued, but that an adjustment would halt speculative capital inflows and so mop up the excess liquidity.
The railway ministry, which is China's largest corporate-bond issuer, used all of last year's quota for long-dated bonds and also raised an additional 50 billion yuan via short-term bills and medium-term notes.
Village schools are supposed to receive an annual subsidy of 150 yuan for the very poorest pupils.
But Stephen Green of Standard Chartered Bank says that, for a few months in the middle of last year, it relaxed these efforts to offset the potential impact of an upward revaluation of the yuan in July.
In the meantime an African strategy to internationalize the yuan is more pragmatic and achievable and can be of benefit to both sides.
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Since June 2010 when China agreed to float its currency against the U.S. dollar, the yuan has risen by about 11 percent, an estimate that is adjusted for inflation.
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The banks have extended to local governments an estimated 14.38 trillion yuan, about a third of their outstanding loans at the end of 2010, but no one really knows the full extent of the exposure.
The problem is that 70% of demand for panels is in countries that use the euro, while most of the panel production costs are booked in Chinese yuan and dollars, according to Mark Bachman, an analyst at Auriga USA. Bachman recently lowered his price targets for seven solar stocks over euro problems.
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