3 ms·
China has done this. It has been pegged to a (somewhat secretive) basket of foreign currencies for some time. Before that it was pegged to USD.
by twelvechairs 10y ago
China has done this. It has been pegged to a (somewhat secretive) basket of foreign currencies for some time. Before that it was pegged to USD.
- jaza 10y agoThat's right. Pegging a currency does of course have its advantages and disadvantages - in China's case, it's worked out very well for their economy (and for some groups of people in China, though certainly not for everyone). https://en.wikipedia.org/wiki/Renminbi https://en.wikipedia.org/wiki/Renminbi
- rebuilder 10y agoApparently, since January 2016, they switched back to a US peg. (According to Investopedia.)