> The U.S. Treasury secretary said China's move toward a flexible exchange rate was "too slow," but was reluctant to formally label Beijing a currency manipulator.
To add the numbers: the yuan was pegged at 8.29 to the US dollar until 2005.
Then they moved to an exchange rate based on a basket of currencies, still with tight controls to prevent overly rapid change. The Party are seriously averse to anything that might disrupt the economy or their System. China was not much affected by the meltdown in Asian currencies of the late 90s, but it definitely scared them. Avoiding that sort of thing here is a stated policy goal.
The yuan went to 8.02 to the dollar the day they made that announcement, then appreciated quite slowly over the next couple of years. By the time of the US meltdown of 2008, it was at 6.84. They effectively froze it there and there was no significant change until a few months ago when they let it start moving again.
Now it is at 6.72.