EVENT INFORMATION

21
July
2005

China reforms its renminbi exchange-rate regime

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📅 21 July 2005 📍 China, Global

The People’s Bank of China moved from a strict US dollar peg toward a managed floating exchange-rate regime referencing a basket of currencies, and revalued the renminbi. The step responded to domestic reform priorities and international pressure over trade imbalances. It illustrates how China negotiated monetary sovereignty within a dollar-centered global financial system.

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People in this event

Zhou Xiaochuan

Organizations in this Event

People’s Bank of China

State Administration of Foreign Exchange