First step to free floating yuan

Renminbi revaluation

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After months of increasingly rabid speculation on the future of the renminbi, the Chinese government on July 21 shifted away from the currency's peg to the US dollar.

The People's Bank of China (PBOC) said in a written announcement that it would immediately strengthen the yuan by around 2.1% to 8.11 to the greenback, and that in future its value would be determined using a managed float system "with reference" to an unspecified basket of foreign currencies.

The value of the yuan will be set

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