China ended its decade-old peg to the dollar and said it will let the yuan fluctuate versus a basket of currencies, responding to criticism from the U.S. and Europe that its currency was undervalued.
The new yuan rate strengthens the currency by 2.1 percent to 8.11 per U.S. dollar immediately, the People's Bank of China said on its Web site. Until now, the yuan had been pegged at about 8.3 per dollar. The bank said it will continue to maintain a trading band of 0.3 percent.
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