Steve Hanke

Since China embraced Deng Xiaoping's reforms on 22 December 1978, China has experimented with different exchange-rate regimes. Until 1994, the yuan was in an ever-depreciating phase against the U.S. dollar.

Although floating and fixed rates appear dissimilar, they are members of the same freemarket family. Both operate without exchange controls and are free-market mechanisms for balance-of-payment adjustments.

It would be counterproductive to tell people exactly what they are supposed to do and exactly how they are supposed to do it to a point where they become more concerned about your expectations than about completing their work in a quality way.