China announced Thursday its currency, the RMB yuan, will be traded at a rate of 8.11 to the US dollar starting 19:00 Thursday, and the yuan to US dollar pegging system is switched to a basket of foreign currencies.

　　Over the past few years, the Chinese yuan has been pegged to the US dollar at the rate of one dollar for 8.27 yuan, the latest move revalues the rate by 2.1 percent.

　　The central bank said starting from July 21, it will publish the trading rate between the RMB and major foreign currencies at the closing of daily market trading, and the announced rate will be used as the central parity for the following trading day.

　　The central bank said the move marks the start of building a more resiliently managed floating RMB exchange rate mechanism which is based on market supply and demand and is adjusted in relation to a basket of major foreign currencies.