China followed through Monday on its pledge to allow greater flexibility in exchange rates, but said an appreciation in its currency alone could not rebalance world growth as it urged world leaders to carry out more fundamental financial changes.
By late Monday, the yuan was trading at 6.7971 to the U.S. dollar in the spot market, strengthening from 6.8272 on Friday — as the central bank delivered on its weekend promise to give up the dollar peg imposed two years ago to help Chinese exporters cope with the global downturn.
For the past two years, Beijing has kept the yuan trading in a much narrower band around 6.83 to $1.
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