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China unveils currency basket

SHANGHAI: China disclosed for the first time on Wednesday the composition of the basket of currencies used to set the yuan's value, saying it mainly includes the U.S. dollar, the euro, the yen and the Korean won. The currencies of Singapore, Britain, Malaysia, Russia, Australia, Canada and Thailand are also considered in setting the yuan's foreign exchange rate, Zhou Xiaochuan, central bank governor, said during a speech to launch a new operations centre for the People's Bank of China in Shanghai.

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