China Launches Shake-up of Yuan
http://news.bbc.co.uk/1/hi/business/4703477.stm
GJChina has revalued its currency, the yuan, for the first time in a decade, in a move that could placate criticism from abroad, especially the US.
The new rules scrap the yuan's peg to the dollar, and tie it to a basket of currencies, the central bank said.
In effect, this strengthens the yuan by 2.1%, to 8.11 to the dollar.
More importantly, this is seen as the first step in a complete liberalisation of the Chinese exchange rate, perhaps leading to a free float.
