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China's Yuan Rises against Dollar

By Anonymous

From Reuters: China's Yuan Jumps After Flexibility Pledge

The yuan closed at 6.7976 against the dollar, up 0.42 percent from Friday's close ...

The yuan has been essentially pegged at 6.83 since July 2008.

On Saturday China announced more exchange rate flexibility ... here are some excerpts from the statement (via WSJ):

In view of the recent economic situation and financial market developments at home and abroad, and the balance of payments (BOP) situation in China, the People´s Bank of China has decided to proceed further with reform of the RMB exchange rate regime and to enhance the RMB exchange rate flexibility.
...
The global economy is gradually recovering. The recovery and upturn of the Chinese economy has become more solid with the enhanced economic stability. It is desirable to proceed further with reform of the RMB exchange rate regime and increase the RMB exchange rate flexibility.

Full post as published by Calculated Risk on June 21, 2010 (boomark / email).