date:Aug 02, 2013
d tack and devalued the Yuan so that by 1994 the currency was trading at RMB 8.62 to the dollar.
Chinas export-oriented industries, including seafood processors, benefitted from artificially low costs, but pressure from Chinas trading partners, principally the U.S., forced Chinas hand. Since 2005, the CNY exchange rate has been allowed to float in a narrow margin around a fixed base rate determined by China's central bank around a basket of world currencies. While China re-pegged its currency t