If you think China’s floating of the yuan/renminbi is gonna turn US manufacturing or the trade deficit around anytime soon, you’re smoking something. Consider this:
China most certainly isn’t stupid. It’s built its economy – with a LOT of help – around manufacturing for export. These guys aren’t in any hurry to pull the plug on this party and, as it’s been written already, the announcement was more likely political (in advance of the upcoming G-20) than altruistic.