[lbo-talk] China loosens yuan peg an eensy bit

[Mark S]

The yuan will actually be pegged against the closing price of a single 
currency that is chosen daily from the basket of possible currencies...

M.


>
>WSJ.com - July 21, 2005
>
>China Drops Yuan's Dollar Peg,
>
>Will Let Currency Float in Band
>
>By MICHAEL M. PHILLIPS
>Staff Reporter of THE WALL STREET JOURNAL
>
>China announced suddenly its long awaited change to its currency policy, 
>saying it will no longer peg the yuan to the U.S. dollar but instead let it 
>float in a tight band against a basket of foreign currencies.

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