Beijing Lets Yuan Rise At Surprisingly Fast Rate.

The article reports that China guided its currency, yuan, to its highest level ever against the dollar on December 27, 2007, allowing the currency to rise at fast rate. The appreciation is expected to please U.S. and European governments. The yuan has risen 6.7% against the U.S. dollar in 2007. Economists expect China to let the yuan rise in 2008. Traders are saying that the People's Bank of China may be frontlining gains earmarked for 2008.