China: the long march of the renminbi

The evolution of the Chinese currency from 2005

renminbi-notes

On July 21, 2005, China announced it would scrap its controversial decade-long currency peg to the dollar and adopt a more flexible exchange rate system. The decision to move to a managed float was accompanied by imposing a trading band of 0.3% against the dollar, with the pair trading at around 8.28.

The global financial crisis in 2008 put a halt to the move towards full convertibility of the renminbi, which resumed only in July 2010 with the introduction of the offshore renminbi. By April 2012

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