China relaxes yuan “peg” – in a move typical of a Communist government, China has relaxed the connection between their currency and the US dollar – instead making the connection to a basket of currencies. So the yuan is now “free” to move as long as it remains 100% controlled by the government in Beijing. The G20 meets this week in Toronto.
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They did this before a couple years ago if I recall right– it didn’t last long and it was pegged to the greenback again within a few years. Let’s see how long this one lasts.