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Yuan's Black-Market Slide Hints at Turmoil Ahead
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Thomas Crampton
International Herald Tribune
04-23-1998
Officially, China's currency has weathered Asia's economic crisis unscathed. But at Chen Donghua's Chinese herbal-medicine shop in this city just outside Hong Kong, the yuan has started a modest slide.
''The currency was stable all last year, then it started falling about one month ago,'' the black-market currency trader said.
Mr. Chen which is not his real name now offers customers a 6 percent premium over the official rate when exchanging Hong Kong dollars for Chinese yuan, up from 3 percent one month ago.
This sliding exchange rate ...
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