Float Festival

FINALLY, the yuan was freed starting last Thursday. China has replaced pegging with managed floating. The yuan can now move up or down by 0.3 percent.

Its exchange rate in the international market is no longer pegged to the US dollar only. For the past decade, US$1 was valued at 8.28 yuan. Today, the yuans exchange rate is tied to a basket of foreign currencies.

Within the past year, Chinas trade partnersespecially Americahave been diligently pers

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