China to adapt in its own time
CONFERENCE NEWS
Gong noted that China’s July 21 move to a managed-float regime was driven by domestic requirements for greater monetary flexibility. Meanwhile, the timing of the move was affected by the "rising tidal wave of politics" from the US.
From July 21, China linked the yuan to a basket of currencies and a shift in the rate revalued to 8.11 from 8.28 against the dollar (FX Week, July 25).
The trading price of the US dollar against the RMB would be able to float within a band of plus or minus 0.3%
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