It happened yesterday, in the middle of summer, and caught most by surprise. China had said so many times they wouldn't change the peg, like a matter national pride. Now it will only be allowed to move 0.3% per day, but this is the first step with which China's currency will slowly rise against the dollar.
Don't expect tea prices to rise all of a sudden, but definitely the trend points to higher prices in the long term as China's economic strength unfolds like oolong in a gaibei. I was not the only one to have predicted it, but I am glad I said it before in this blog.
On the Lake
3 hours ago