Muted reaction to yuan rate shift

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There has been a muted reaction to China's surprise exchange rate shift, after its central bank announced it would allow greater flexibility in the yuan.

This would effectively end its two-year peg to the dollar.

However a follow-up statement has stressed that any change would only be gradual, and it explicitly ruled out a major one-off revaluation.

Victor Gao from the China National Association of International Studies says it is an important step.

Chris Hogg reports.

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