OTHER NEWS - Nov. 30, 1992

Chinese Currency Devaluation Rumored: China’s currency is expected to continue dropping in value against the U.S. dollar, as rumors swirl that Beijing is contemplating making the renminbi (“people’s currency”) freely convertible. The official exchange rate has slid from 5.54 yuan to the dollar on Nov. 1 to 5.71 now, but the black market rate is said to be 7.7. Bankers say there have been a spate of rumors recently that Beijing will soon allow the renminbi to float with the market, as a crucial step in China’s drive to re-enter the global General Agreement on Tariffs and Trade.