Shanghaiist will remember where we were on this day for the rest our lives! Well, maybe the rest of the week. OK, sundown tomorrow tops. But anyway, big news: China has revalued the yuan. The fact that they unpegged the yuan is an indication that China is trying to kiss and make up with America after all of those big, scary bids on America’s companies. The fact that the revaluation is really little more than just that, a conciliatory gesture, makes Shanghaiist think that the Chinese government just gets a kick out of being able to cause a scramble in the financial world with its news.
In the early stages of the yuan revaluation, it looks like the Chinese government is allowing the yuan to float against the dollar within a 0.3 percent band for now, while trading rates of non-dollar currencies have yet to be announced. What exactly does this mean? The Chinese currency earned 2.1 percent against the dollar. So it’s now 8.11 yuan to the dollar, not 8.28.
And what does this mean for Shanghaiist? Two-point-one percent more fun every time we take our yuan to America! Goodbye Miller, hello Miller High Life!
(Shanghaiist was having a heck of a time finding additional sources on this story because Yahoo! News has been blocked all day. Mere coincidence?)