The yuan's stable float

Noises and signals continue to emerge from China about reforms to the exchange rate regime, but the central bank still appears to have a firm grip on the value of the yuan.

In remarks on August 25, Wu Xiaolin, a central bank vice governor, said "This [the exchange rate] will be decided by the market. The government will not decide the yuan's level."

According to the central bank, the yuan is allowed to strengthen or weaken by 0.3% each day, but so far movements have not even come close to this.

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