On Thursday July 21, 2005, Australia opened the batting at Lord’s Cricket Ground in London on the way to winning the first Ashes test against England.
Currency traders, however, had to tear themselves away from the action after China’sout-of-the-blue announcement that it would replace its decade-old currency peg with a more flexible exchange rate regime.
The move loosened the renminbi’s strict Rmb8.276-8.28 range against the dollar and from the next day, it was allowed to fluctuate by up to 0.3 per cent against the greenback and by up to 1.5 per cent against other currencies.
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