RMB Revaluation Announced

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The People’s Bank of China has announced reform of the Renminbi (RMB) exchange rate regime.
The new system will be 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.”

According to the PBOC, at 19:00 hours (China time) on July 21, 2005 the new US dollar exchange rate of was adjusted to RMB8.11.

Click here to link to the PBOC announcement…

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