A year ago this week China announced a major change in its exchange rate policy. After holding the yuan-dollar exchange rate fixed for almost two years during the global crisis, the country's central bank, the People's Bank of China (PBoC) announced that the yuan would once again be allowed to float, albeit in a highly controlled way. The yuan began appreciating against the dollar immediately, touching off intense speculation about how far it would be allowed to move. A year later, what has happened?
Follow this link to read the full post on Ed Dolan's Econ Blog at Economonitor.com