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U.S.

China However, it all but ruled out a one-off revaluation or major appreciation, saying there was “no basis for big fluctuations or changes” in the exchange rate. The dollar peg has come under intense fire from abroad as China’s export juggernaut roared back to life, while much of the rest of the global economy remained sluggish and beset by unemployment in the wake of the financial crisis. Just ahead of a G20 summit in Canada, the announcement seemed to be intended to placate critics of China’s currency regime.