China's central bank pledges to keep dollar peg

China's central bank governor has vowed to keep the yuan pegged to the U.S. dollar even as surging foreign investment and a widening trade surplus boost demand for the Chinese currency.

"China's currency will maintain a stable rate of exchange," the People's Bank of China Governor Dai Xianglong said at a Beijing conference. Foreign reserves rose 3 percent to a record US$274.6 billion in November from the previous month, Dai said. The reserves, second in the world only to Japan's, have risen by

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