Good news... China will be forced to let the yuan float.
That's what this article says that the street traders are betting on. I am curious if any other publications are running similiar stories about street traders or other informal exchange mechanisms that are running this way.
As is usually true in socialism/communism, the Chinese will believe they can control this. The dollar won't "officially" float. However, the tremendous power of reality will cause the black market to respond to the situation. There will be a two-tiered monetary system; the "official" value of Yuan-Dollar and the "real" value.
Happens all the time in "controlled" economies...to their dismay and ruin!