China's currency in recent years

[Reuters]
2005, Jul - China revalues the yuan by 2.1 percent and revises rules governing its
currency, saying it has shifted to "a managed floating exchange rate based on market
supply and demand with reference to a basket of currencies".

2010, Jun - China says it is resuming its reforms of the yuan exchange rate and
increasing currency flexibility, effectively ditching a two-year peg to the dollar that
was enacted during the global financial crisis.

2012, Feb - The yuan hits a record high of 6.2884 per dollar.

2012, Mar - China steps up efforts to internationalize the yuan by allowing all firms in
the country to pay for imports and exports in yuan.

2012, Apr - China widens the trading band for the yuan against the dollar to 1 percent
from 0.5 percent.

Although,china has made gradual progress on revaluation of yuan, the yuan is still consider as fix exchange rate regien. Therefore, China should make the exchange rate of the yuan more flexible in the future. That is because China has to  prevent high domestic inflation and decrease the pressure of the trade surplus with United States.