ed ▁on ▁a ▁new ▁economic ▁course ▁during ▁D eng ▁X ia op ing ' s ▁leadership ▁and ▁transformed ▁into ▁a ▁more ▁market - based ▁capital istic ▁economy . ▁ ▁Since ▁ 2 0 0 5 , ▁the ▁Chinese ▁government ▁has ▁over turn ed ▁its ▁previous ▁policy ▁of ▁p eg ging ▁the ▁Ren min bi ▁to ▁the ▁US ▁doll ar . ▁The ▁ren min bi ▁now ▁flo ats ▁within ▁a ▁small ▁margin ▁compared ▁to ▁a ▁basket ▁of ▁curr encies ▁selected ▁by ▁the ▁Chinese ▁government . ▁This ▁is ▁seen ▁as ▁a ▁move ▁to ▁a ▁more ▁fully ▁free - market ▁floating ▁of ▁the ▁Ren min bi . ▁The ▁Ren min bi ▁has ▁appreciated ▁ 2 2 ▁percent ▁since ▁the ▁mechanism ▁reform ▁in ▁ 2 0 0 5 ▁of ▁the ▁Y uan ▁exchange ▁rate . ▁However , ▁during ▁the ▁on set ▁of ▁the ▁ 2 0 0 7 - 2 0 0 8 ▁global ▁financial ▁crisis , ▁the ▁ren min bi ▁was ▁uno fficial ly ▁rep eg ged ▁to ▁the ▁US ▁doll ar . ▁It ▁was ▁again ▁dep eg ged ▁from ▁the ▁doll ar ▁in ▁June ▁ 2 0 1 0 . ▁ ▁After ▁ 2 0 1 0 , ▁the ▁exchange ▁rate ▁flo ated ▁in ▁line ▁with ▁fund ament als , ▁stay ing ▁mostly ▁between ▁ 6 ▁and ▁ 7 ▁C N Y ▁per ▁US D . ▁In ▁ 2 0 1 8 , ▁the ▁ren min bi ▁lost ▁value ▁as ▁China ' s ▁exports ▁were ▁target ed ▁by ▁USA ▁tar iffs ▁and ▁mark ets ▁had