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They have prevented the yuan from appreciating against the dollar for over a year.
The Hong Kong dollar is not alone in appreciating against the American dollar, with the yen also continuing to rise.
America's Treasury says that because of the higher inflation rate in China, the yuan is in effect appreciating against the dollar by more than 10% a year.
The Taiwanese and the Chinese also bought United States Treasury bonds, trying to keep their currencies from appreciating against the dollar.
To help China continue preventing its currency, the yuan, from appreciating against the dollar, the $45 billion in foreign exchange came with restrictions on converting it into yuan.
Chinese efforts to keep the renminbi from appreciating against the dollar kept our currency strong and allowed us to borrow at low interest rates.
Similar(38)
The Yuan — Look for the Chinese currency to appreciate against the U.S. dollar by 5% to 10%, on top of the 5% appreciation in 2007.
The rupee has appreciated against the dollar, further hurting exporters.
Instead it has appreciated against most major currencies (though not the Swiss franc).
The ruble also appreciated against the currencies of other members of the Commonwealth of Independent States (CIS).
It has also allowed its currency, the renminbi, to appreciate against the dollar, albeit slowly.
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