It floats

“It” is China’s currency, at times referred to as the yuan, and at others, the renmindi or “RMB”… China abruptly announced that it was going to permit some measure of “free-floating” in response to market conditions of its long-pegged currency.
Well, well. China (unlike, say… the United States…) has come to the conclusion that it is attached to the rest of the world, and in the end, sucking up all of the world’s reserve currency… might pose as much risk to China as to everyone else (what good is owning all the money if you can’t buy anything with it?)
So, China (the People’s Daily piece is splendid in its Orwellian pronouncements that this has “nothing to do” with international pressure) must adjust its game plan, and let its currency float.
Somehow, I still think China will play the game well…