Excuse me while I get some popcorn.
Symbolic move only, IMO.
The PRC Politboro still controls the value.
We still do nothing, and continue our bone-headed rush to de-industrialize America through so-called “free trade”.
America is so scr@wed.
Well, if rampant commodity speculation wasn’t enough to trigger an inflationary spiral (and China has been no babe in the woods in that regard), then floating their currency right now just might do the trick.
In the long run it would encourage more domestic sourcing and would therefore not be a bad thing. In the near term, it looks like malicious compliance.
There will be pain, the US consumer is strained badly at present.
We won’t to worry so much about cheap Chinese imports once they really float their Yawn.
Of course we’ll also be living at near-Third World standards not being able to get many products and paying 3 or 4 times as much for the ones that are available.
And, of course, we’ll blame the Chinese for that, rather than the people that drove our industrial base over there - the UAW, IAM, NEA, EPA, OSHA, Lawyers, etc.