China's Memorable Moments from 2005

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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