tag:blogger.com,1999:blog-9840852.post112194475881188742..comments2023-09-27T16:21:12.526+02:00Comments on Trader blog: CHINA: YUAN MORE FLEXIBLE BASED ON CURRENCY BASKETMassimo Giampietrohttp://www.blogger.com/profile/10024439920990256855noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-9840852.post-1121945816622523782005-07-21T13:36:00.000+02:002005-07-21T13:36:00.000+02:00China revalues yuanEnds peg to the U.S. dollar tha...China revalues yuan<BR/>Ends peg to the U.S. dollar that was under fire from critics; first step in currency reform.<BR/>July 21, 2005: 7:22 AM EDT<BR/><BR/>SHANGHAI (Reuters) - China scrapped the yuan's peg to the U.S. dollar Thursday and tied it to a basket of currencies, the central bank said, the first steps in highly anticipated reforms aimed at letting the currency float freely.<BR/><BR/>The new yuan rate versus the dollar revalues the currency by 2.1 percent, to 8.11 per U.S. dollar as of 7 a.m. ET, the central bank said on its Web site.<BR/><BR/>Under the previous policy, the yuan was kept near 8.28 per dollar, a virtual peg that had led the United States and other countries to complain that China's currency was unfairly undervalued.<BR/> <BR/>The changes came amid intense speculation that Beijing would overhaul its currency regime, which had been basically unchanged since the 1997/98 Asia crisis.Massimo Giampietrohttps://www.blogger.com/profile/10024439920990256855noreply@blogger.com