Yuan Peg to Dollar Scrapped

The People's Bank of China announces on July 21, 2005 that starting from that day, China will reform the exchange rate regime by moving into a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies. RMB will no longer be pegged to the US dollar and the RMB exchange rate regime will be improved with greater flexibility.

· Yuan Stability Faces Pressure
· Snow Praises RMB Exchange Rate Reform
· RMB Exchange Rate Hits New High Since Its Reform
· Foreign Exchange Rate Reform Beneficial to the World
· Renminbi Revaluation Not Likely Due to New Forex System
· Basket of Currencies Revealed
· Exchange Rate Range Adjustment at 'Proper Time'
· Central Bank Denies Further Yuan Appreciation
· RMB Appreciation Positive for Economy, Trade
· Stock Market Rises on First Day After Yuan Revaluation
· Revaluation of Yuan Welcomed
· RMB Won't Float by Big Margin
· Yuan Peg to Dollar Scrapped
· Officials React to US Pressure on Yuan

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