China plans no yuan increases

China currently has no plans to increase the price of the yuan or to let it float freely, Yi Gang, assistant to the governor of the People's Bank of China told state media. Yi Gang said that the current "managed floating regime" that linked the value of the yuan to a basket of the most significant world currencies, would continue, and that there would be no official revaluation. On July 21 China revalued its currency by 2.1% to 8.11 yuan to the dollar.