"On Tuesday, August 11, 2015, the People's Bank of China (PBC), China's central bank, surprised global financial markets by lowering the reference rate of the renminbi, effectively depreciating the currency, and adopting a new method for determining the currency's value. Some observers view this action as part of China's recent efforts to move toward a more market-oriented exchange rate--a view that could be reinforced if China allows its currency the same latitude to appreciate. Congress has had long-standing interest in how China manages its currency[.]"
CRS Insight, IN10342
Federation of American Scientists: http://www.fas.org/sgp/crs/index.html