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The municipal government of Beijing has been given the green light from China’s State Council on Monday to allow up to 50% of foreign ownership in virtual private network (VPN) services.
Officials at the People’s Bank of China (PBOC) announced new measures late Monday night aimed at curtailing growth in the yuan’s value, which has recently surged to its highest level against the dollar in three years.
China will not be formally labelled a currency manipulator by the US Treasury Department in their upcoming foreign exchange report, Bloomberg revealed Tuesday, citing people familiar with the matter.