(Bloomberg) -- China's yuan dropped after the central bank fixed the reference rate at a weaker level than yesterday's close, signaling it may want the exchange rate to fall along with other Asian currencies.
The currencies of nations such as South Korea and Taiwan, with whom China competes in exports, fell today. Wu Yi, China's most senior trade official, will meet U.S. Treasury Secretary Henry Paulson May 22-24 in Washington for the second of twice- annual talks established last year to improve relations.
Read more at Bloomberg Currencies News
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