Essay: Currency Exchange Policies
It was later informed that the Yuan would no longer be pegged to the US dollar alone, as it had been for the past 10 years, but would float daily within a 0.3 percent band against a basket of major foreign currencies. The currencies included the US dollar, the euro, the Japanese Yen, the Korean won, the Singapore dollar, the British pound, the Malaysian ringgit, the Russian ruble, the Australian dollar, the Thai baht, and the Canadian dollar.
The PBOC did not disclose the weighting given to each of the foreign currencies which enables the PBOC to intervene in the exchange rate to ensure that the exchange rate does not stray far from the RMB 8.11 to the US dollar. There were hints given by the Chinese central authority that additional reforms may follow. However, this plan was scrapped for the near future and additional revaluations were delayed for the time being. Chinese government also hinted that further reforms would be made over time, but later ruled out making further revaluations in the near future (Tian, 2007:1979).
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