Speak of the devil:
China Says Weak Dollar Is a Bigger Concern Than Yuan (Update3)
By Li Yanping and Zhang Dingmin
Dec. 12 (Bloomberg) -- China, the second-largest foreign holder of U.S. Treasuries, said the declining dollar is a bigger concern for the Chinese economy than the yuan's gains.
``The dollar's depreciation makes major commodities such as gold and oil more expensive, and reduces the wealth of countries and companies that hold dollar assets,'' the acting Chinese commerce minister Chen Deming said today at the Strategic Economic Dialogue outside Beijing. ``The yuan's 6 percent gain this year against the dollar fits China's economic needs.''
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