InJuly2005,thePeople'sBankofChinaof-ficiallyannouncedthatitwouldadoptaman-ageablefloatingexchangerate,adjustedac-cordingtoabasketofcurrenciesbasedonmarketsupplyanddemand.Onthatday,theexchangerateoftheRMBtotheU.S.Dollarincreasedby21percent,andsincethentheRMBexchangeratehasgraduallyturnedtoamoreflexibleex-changerateconvention,ratherthanfocusingon