You are correct but the problem was that China depegged it ONLY 5% because we were putting pressure on them and they wanted to stave off any trade threats coming from the US. Currencies around the world float freely in the marketplace against one another and the dollar China’s does not. China controls their currency to maintain their trade advantage.
Awww, thanks for the clarification. I had been reading for some time that it had been depegged, while I have also read that they are only allowing it to rise so much against the dollar, in a sense repegging along the way then?