---
title: "August 2005: Renminbi Exchange-Rate Reform | Model Diplomat"
description: "August 2005 marks China's shift to a managed float for the renminbi, crucial for policy researchers and Model UN students studying economic reforms."
url: "https://modeldiplomat.com/learn/glossary/august-2005"
---

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Model Diplomat Research Team · Last reviewed June 22, 2026

TL;DR

- August 2005 refers to the month in which China's State Council ratified renminbi exchange-rate reform, abandoning the dollar peg for a managed float against a currency basket, alongside contemporaneous governance and…
- What currency reform is associated with August 2005 in China?
- Which authority governs China's exchange-rate policy?
- How does the doctrine of a Harmonious Society relate to this period?
- Did the 2005 reform make the renminbi fully convertible?

[Civil Service & Diplomatic Exams](https://modeldiplomat.com/learn/civil-services/glossary)Updated June 22, 2026

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## Timeline

1. 21 July 2005

   The first and most consequential was the consolidation of the renminbi exchange-rate reform announced on by the People's Bank of China, which scrapped the d…

2. 1 January 2006

   The rural agenda of this period — culminating in the abolition of the agricultural tax on under a National People's Congress Standing Committee decision of…

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Example

On 21 July 2005, the People's Bank of China under Governor Zhou Xiaochuan ended the renminbi's dollar peg, and by August 2005 had detailed the basket-referenced managed float that revalued the yuan by 2.1 percent.

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