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The People’s Bank of China on Wednesday set the price of the yuan 1.60% lower than Tuesday’s price for 6.3306 per United States dollar.  The continued move lower versus the dollar by the People’s Bank of China shows just how committed China is to continuing to battle the United States for economic supremacy.  It is also important to remember that China is a communist country and because of their political system they have a smaller number of people who the leader, Xi Jinping, needs to keep happy and he can only continue to do that if the money continues to flow.  Therefore, this could also be seen as a move to stabilize the economy to continue the communist’s hold on power.

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