China Scraps Yuan Peg To US dollar

CHENGDU, CHINA - JULY 22: (CHINA OUT) A security guard and an electricity board showing foreign currency deposit rates are reflected on a glass wall of a bank on July 22, 2005 in Chengdu of Sichuan Province, China. The People's Bank of China, the central bank, announced to scrap the yuan's decade-old peg to the U.S. dollar, and in stead phase in a flexible mechanism of the yuan exchange rates. The exchange rate of yuan vs U.S. dollar was announced at 8.11 vs 1 on July 22. (Photo by China Photos/Getty Images)

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