Chinese Central Bank Outlines Plan to Ditch the Dollar as the Yuan's Peg

Hu Xiaolian, deputy governor at the Chinese central bank, has released a paper which suggests it's soon time for China to peg the yuan to a basket of foreign currencies, rather than the U.S. dollar alone.

This especially makes sense for China given that, going forward, the U.S. might not the voracious consumer it once was. Thus tying itself at the hip to the dollar might not be as useful as it was before.