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Yes, it is, as it has to because it becomes too expensive for the Chinese treasury to subsidize its exporting interest groups indefinitely, and that is who is really complaining when "China" says it wants a different reserve currency.  But the long flat segments that show up in this chart show dollar pegging interrupted by periods of float or devaluation (or vice versa), not pegging against other currencies.  If it were trying to switch it's peg to another currency we would have to see longish flat segments in exchange rates with other currencies, and I don't think that's the case. (I haven't checked well enough to say for sure, though.)
by santiago on Fri Nov 6th, 2009 at 02:44:17 PM EST
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