China's yuan de-pegging: implications for Asia and the world

On Monday, June 21, China de-pegged the USD/CNY exchange rate, resuming the process of making the exchange rate more flexible, which halted in July 2008 when USD/CNY was re-pegged in response to the global credit crisis.

Immediately after the de-pegging, USD/CNY showed significant volatility. On June 21, it was fixed at 6.8275 – unchanged from the previous Friday – but thereafter was allowed to trade substantially lower. On June 22, it was fixed at 6.7980, but then ramped sharply higher. The mes

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