![](http://images.china.cn/attachement/jpg/site1007/20090916/001fd04cea510c1accfa56.jpg)
On July 21, 2005, People's Bank of China announced the adoption of a managed floating exchange rate regime, based on market supply and demand, under which the exchange rate of the RMB would be managed in relation to a basket of currencies.
(China.org.cn September 16, 2009)