What countries have loosened/ended their dollar peg this year?

[pilgrimsoul]

I'm preparing an explanatory e-mail for one of my friends who is trying to understand where our economy is headed. I seem to remember that Russia made a move earlier this year, but can't recall who else has. Thanks!

[muriel_volestrangler]

1. The Malaysian Ringgit did it today

as well as the Chinese yuan, which I presume triggered the e-mail.

[Mandate My Ass]

3. The chinese did it???

I thought that was supposed to be the beginning of the big crash.

[muriel_volestrangler]

4. Yuan now linked to 'basket of currencies'

though they haven't specified the mixture (presumably the euro and yen will be in there, at least, as well as the US dollar), and there was a 2% increase in the yuan's value relative to the dollar.

Federal Reserve Chairman Alan Greenspan on Thursday welcomed China’s decision to move to a more flexible currency system, calling it “a good start.”

Greenspan’s comments during an appearance before the Senate Banking Committee came as the Bush administration, while praising China’s action, said it would monitor the country’s implementation of the new arrangement.

“I welcome China’s announcement today that it is adopting a more flexible exchange rate regime,” Treasury Secretary John Snow said in a statement. “As we have said, reform of China’s currency regime is important for China and the international financial system.”

Snow said the United States would monitor China’s implementation of its new system, which will tie its currency to a marketbasket of currencies rather than linking it at a fixed rate to the U.S. dollar.

http://www.newsreview.info/article/20050721/BUSINESS/50721014

[acmejack]

2. As soon as OPEC does it, we're cooked.