From that month until July 2008, Beijing permitted a managed float against an undisclosed basket of currencies.

FORBES: The second in a four-part series. See Part One.

Soft-spoken but no-nonsense, she oversaw the subsequent transition of the ringgit to a managed float in 2005 and the gradual relaxation of foreign exchange rules.

FORBES: Women to Watch In Asia

Iran's exchange rate, set by a managed float, makes exporting difficult.

ECONOMIST: Stunted and distorted | The

Given this timidity, China could replicate much of the flexibility of a managed float by shifting the yuan's peg from the dollar to a basket of currencies, at the same time widening the band within which the yuan can fluctuate, say to 10% above or below the peg.

ECONOMIST: China should loosen its currency peg��and quickly

They did have a decent sized float: what were they investing it in and have they managed to lose any of it?

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