China revalues currency

By Administrator |

China has revalued its yuan currency, in a move that is seen as vitally important for China and the international financial system.

As of the move yesterday, the yuan will no longer be pegged to the dollar, but will float against a basket of currencies, although the Chinese Government has not indicated yet what these currencies will be.
China's currency had been pegged at 8.28 against the dollar, but the new move effectively strengthens it by 2.1%, to 8.11 to the dollar. Financial analysts reacted favourably to the move saying that the yuan was now free to move in line with the global economy and the International Monetary Fund (IMF) said it was ready to ‘work with the authorities on the continuing evolution for the exchange rate system’. Immediately following the Chinese announcement the dollar dropped against several Asian currencies.

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