Chinese media reported that People's Bank of China, China's state bank, was moving ahead on a plan in which it would peg the yuan to a basket of 10 currencies rather than only the US dollar. The proposed currencies would be those of China's largest trading partners, who also tend to be the largest investors in China.
A later phase of the plan involves a "managed float" that would allow the currency to float within a specified range. No timetable was given in the media reports.