For a growing number of analysts and investors, the prospect of a freely floating yuan – a Chinese exchange rate wholly determined by market forces – is no longer a distant possibility, according to Bloomberg. Advocates include a government-backed researcher and a former central bank adviser, while bond-market powerhouse Pacific Investment Management Co. says the chances of a free float are rising. Free-float proponents say the long-term benefits for China outweigh the costs. A quick transition to a market-determined exchange rate would allow the country to preserve its foreign-currency reserves, re-assert control over domestic monetary policy and combat criticism from Trump. “At the end of the day, what you have to accept is the value of the currency as it is right now isn’t appropriate,” said Luke Spajic, the head of emerging Asia portfolio management at Pimco.