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  • In this Nov. 27, 2008, file photo released by China's Xinhua news agency, a Chinese flag flutters in front of the headquarters of the People's Bank of China in Beijing. China's central bank said Sunday June 20, 2010, it would maintain a stable exchange rate and didn't anticipate major changes in the value of the yuan, a day after saying it would manage the currency more flexibly. In a commentary on Saturday's announcement, the People's Bank of China attempted to assuage fears of a major strengthening of the yuan, also known as the renminbi, or "people's money." (AP Photo/Xinhua, Gao Xueyu, File)

    China's currency gains with flexibility

    China followed through Monday on its pledge to allow greater flexibility in exchange rates, but said an appreciation in its currency alone could not rebalance world growth as it urged world leaders to carry out more fundamental reforms.

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