The yuan on Friday closed 0.01 percent stronger than Thursday at 6.15 to the dollar, according to the China Foreign Exchange System.
The country's current foreign-exchange system, which involves a fixed "official" exchange rate that makes the currency, the kyat, more than 100 times as valuable against the dollar as the black-market rate, is so confusing that many foreign companies have refused to re-enter the country even if Western leaders ease sanctions against Myanmar, the country also known as Burma, as expected later this year.
As a consequence, their proposed solutions do not address the underlying instability of the current system of floating paper currencies that bob about on foreign exchange markets whipped this way and that by forces that have little, if any correlation to the so-called underlying fundamentals.
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In essence, he was directly battling the British central banking system in its attempt to keep the pound artificially competitive in foreign exchange markets.
During the past 15 years or so international bank regulation has been concerned mostly with the ability of the system to sustain shocks, such as a stockmarket crash, a foreign-exchange crisis or a terrorist attack.
Heath helped undermine his day's international monetary system by attacking the dollar on foreign-exchange markets.
"Israel's desperation for foreign exchange means Russian Mafiosi have been allowed to integrate themselves into the country's political and financial system, " he writes.
By removing the need to accumulate vast foreign-exchange reserves, greater currency flexibility would also create a more stable global monetary system.
As seen through the foreign currency exchange, the American still wants a trade deficit for the same reasons she did before in the bartering system.
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But she has given her backing to the most notable pillar of Mr Menem's past economic success, Argentina's unusual monetary system which pegs the peso to the dollar, and money supply to the level of foreign-exchange reserves.
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