China Yesterday Claims a Slight Rise of Its Currency

Yesterday China yuan was seen a small rise. The CNN says "China scraps yuan peg to dollar" and "tired it to a basket of currencies". "The new yuan rate versus the dollar revalues the currency by 2.1 percent, to 8.11 per US dollar as of 1100 GMT". The Reuters also said that "EU stocks end with recovery".  The move may be good to us overseas students. However, the truth is, the rise is not pivotal. It's true that the CNY begins floating in a very small area, however I do think that it will take a long time to make CNY a strong currency.

Anyway, just as Greenspan said, the move is a good "first step".

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