China scraps yuan peg to US dollar
(newsphoto)
Updated: 2005-07-22 11:24

A staff worker with the China Minsheng Bank counts US dollar notes in Nanjing, East China's Jiangsu Province, Friday, July 22, 2005. 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 by taking into account of a basket of major world currencies. The exchange rate of yuan vs U.S. dollar was announced at 8.11 vs 1 on Thursday.[newsphoto]

A staff worker with the China Minsheng Bank counts RMB notes in Nanjing, East China's Jiangsu Province, Friday, July 22, 2005.[newsphoto]