More on China...

There are a great many articles out there on the move by China to make changes to it's currency system. As noted below, some warn of the dangers, some believe the impact will be minimal and some see a benefit. Continuing the coverage of this story, which I believe since China owns over 900 billion dollars of U.S. debt is important, is this article from the Washington Post that covers China's initial announcement:

Facing growing pressure from around the world, China's central bank announced Saturday that it is prepared to allow the country's currency, the renminbi, or yuan, to float more freely against the dollar and other foreign currencies.

The statement, from a bank spokesman, gave no details of when China would allow its currency to appreciate and by how much. But the timing of its release, just before the leaders of the world's largest economies gather for a G20 meeting in Toronto, appeared clearly aimed at taking pressure off Beijing over the issue. Many countries, including the United States, have criticized China's fixed exchange rate, which critics say was keeping the value of Chinese exports artificially low.