ML-Implode News - China's worst-kept secret: Yuan is unpegged from dollar

Pity about the panic on stock markets -- so what else is new? -- but financial practitioners and observers should really get wise about the yuan. The fundamental point about the International Monetary Fund's approval in November for the yuan to enter the special drawing right from Oct. 1 is that the Chinese currency should not, and will not, be pegged directly to the dollar.
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So there is no reason for the exaggerated fuss now that the Chinese authorities, perfectly logically, have made the decision to keep the currency stable against a basket of 13 trading partners rather than the greenback.

This is all part of a move towards the much-trumpeted multi-currency reserve system, in which a batch of currencies will be competing for status and value vis-Ã -vis the dollar.

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China's worst-kept secret: Yuan is unpegged from dollar