Yuan Now Pegged Against a Basket

After a decade of being pegged to the U.S. dollar, China's yuan currency has now been revalued by 2.1%, pegged against what they call a "basket of currencies". The Chinese Central Bank did not say exactly what currencies are conained in this so-called basket, but the fact that they revalued is a weight off of the shoulders of the U.S. and the European Union. The U.S. and EU have both been pressuring China to do this for quite a while, and it seems that they have finally gotten their wish. Before, the yuan was undervalued, which gave China an unfair advantage with their exports. For the past 10 or so years, the yuan has been pegged to the dollar at about 8.3 per dollar. The yen rose the most that it has in 2 and a half years against the dollar, while rising against the sixteen most heavily traded currencies in the world. latest ebusiness news