Pegging a basket of currencies has been becoming the underlying mechanism of RMB exchange rate.

这标志着钉住一篮子货币汇率制度成为下一阶段人民币汇率形成机制。

youdao

RMB can modify misalignment by itself and pegging to a basket currency can reflect the fluctuation of REER of RMB preferably.

人民币汇率错位自我修正能力较强，钉住“一篮子”货币能较好地反映人民币实际有效汇率的波动。

youdao

In 2005, China announced replacing the USD-pegging exchange rate regime with the currency basket regime.

2005年我国宣布放弃盯住美元的政策，改为参考一篮子货币，人民币在升值的呼声中也启动了它的“升值进程”。

youdao

Even so, China could still introduce some flexibility into its exchange rate, and so regain control of monetary policy, by adopting a wider band or by pegging to a currency basket rather than just to the dollar.

ECONOMIST: It is time for China to unshackle the price of money

On June 19, China de-pegged the renminbi from the U.S. dollar, pegging it instead to a basket of currencies.

FORBES: MTD's 2011 Predictions