Editing Renminbi (section)

===Depegged from the US dollar===
On 21 July 2005, the peg was finally lifted, which saw an immediate one-time renminbi revaluation to ¥8.11 per dollar.<ref>{{cite web|date=21 July 2005 |url=http://www.pbc.gov.cn/english//detail.asp?col=6400&ID=542 |title=Public Announcement of the People's Bank of China on Reforming the RMB Exchange Rate Regime |archive-url=https://web.archive.org/web/20070316163534/http://www.pbc.gov.cn/english/ |archive-date=16 March 2007 }}</ref> The exchange rate against the [[euro]] stood at ¥10.07060 per euro.

However, the peg was reinstituted unofficially when the financial crisis hit: "Under intense pressure from Washington, China took small steps to allow its currency to strengthen for three years starting in July 2005. But China 're-pegged' its currency to the dollar as the financial crisis intensified in July 2008."<ref>{{cite web | date=10 June 2010 | url=http://www.marketwatch.com/story/geithner-takes-strong-stand-on-china-currency-2010-06-10?pagenumber=1 | title='Critically important' that China move on currency: Geithner. Treasury chief says he shares Congress' ire over dollar peg | access-date=10 June 2010 | archive-date=23 April 2021 | archive-url=https://web.archive.org/web/20210423193651/https://www.marketwatch.com/story/geithner-takes-strong-stand-on-china-currency-2010-06-10?pagenumber=1 | url-status=live }}</ref>

On 19 June 2010, the People's Bank of China released a statement simultaneously in Chinese and English claiming that they would "proceed further with reform of the renminbi exchange rate regime and increase the renminbi exchange rate flexibility".<ref>[http://www.pbc.gov.cn/english/detail.asp?col=6400&id=1488 Further reform of the RMB exchange rate regime and enhancing the RNM exchange rate flexibility] {{webarchive |url=https://web.archive.org/web/20150403104144/http://www.pbc.gov.cn/english/detail.asp?col=6400&id=1488 |date=3 April 2015 }}</ref> The news was greeted with praise by world leaders including [[Barack Obama]], [[Nicolas Sarkozy]] and [[Stephen Harper]].<ref>{{cite news | title=Global Leaders Welcome China's Yuan Plan | url=https://www.wsj.com/articles/SB10001424052748704365204575316512609162050?mod=WSJ_Markets_LeadStory | newspaper=Wall Street Journal | first1=Michael M. | last1=Phillips | first2=Ian | last2=Talley | date=21 June 2010 | access-date=8 August 2017 | archive-date=22 April 2021 | archive-url=https://web.archive.org/web/20210422171716/https://www.wsj.com/articles/SB10001424052748704365204575316512609162050?mod=WSJ_Markets_LeadStory | url-status=live }}</ref> The [[People's Bank of China|PBoC]] maintained there would be no "large swings" in the currency. The renminbi rose to its highest level in five years and markets worldwide surged on Monday, 21 June following China's announcement.<ref>{{cite web | title = World stocks soar after Chinese move on yuan | url = https://www.google.com/hostednews/afp/article/ALeqM5gTL-hG_nDdnmwzgwNuP51AVtVbqQ | access-date = 12 November 2016 | archive-date = 24 May 2012 | archive-url = https://web.archive.org/web/20120524170306/http://www.google.com/hostednews/afp/article/ALeqM5gTL-hG_nDdnmwzgwNuP51AVtVbqQ }}</ref>

In August 2015, Joseph Adinolfi, a reporter for [[MarketWatch]], reported that China had re-pegged the renminbi. In his article, he narrated that "Weak trade data out of China, released over the weekend, weighed on the currencies of Australia and New Zealand on Monday. But the yuan didn't budge. Indeed, the Chinese currency, also known as the renminbi, has been remarkably steady over the past month despite the huge selloff in China's stock market and a spate of disappointing economic data. Market strategists, including Simon Derrick, chief currency strategist at BNY Mellon, and Marc Chandler, head currency strategist at Brown Brothers Harriman, said that is because China's policy makers have effectively re-pegged the yuan. "When I look at the dollar-renminbi right now, that looks like a fixed exchange rate again. They've re-pegged it," Chandler said."<ref>{{cite news |url=http://www.marketwatch.com/story/china-has-effectively-re-pegged-the-yuan-2015-08-10 |title=China has effectively re-pegged the yuan |first=Joseph |last=Adinolfi |work=Market Watch |date=10 August 2015 |access-date=28 November 2015 |archive-date=23 April 2021 |archive-url=https://web.archive.org/web/20210423135535/https://www.marketwatch.com/story/china-has-effectively-re-pegged-the-yuan-2015-08-10 |url-status=live }}</ref>