China Revalues Its Currency For The First Time In A Decade

China Thursday revalued its currency for the first time in about a decade, pegging the yuan to the U.S. dollar at 8.11, up from 8.28, and also scrapping the decades-old peg to the dollar in a favor of basket of currencies. "From today, the renminbi rate against the US dollar will appreciate by 2%," said the Website of China's central bank, the People's Bank of China, on Thursday. "One US dollar will exchange for 8.11 yuan."

Copyright Agence France-Presse, 2005