[Southack]

President Bush has broken the Chinese peg!

Outstanding!

Kudos to Treasury Secretary Snow, too.

[SAJ]

Well, one had probably better give some ''credit'' for this to the PRCCB.

Keep in mind, there's far more to this move than the price of oil, or import/export-- Chinese banks are the most illiquid of any major nation on earth, and the maintenance of yuan at clearly insupportable levels was making the banks more so over time.

Shouldn't be too long before we see the beginnings of bailouts of significant players in this group by the ChinCom gov't.