The system is reliable, and the problem of having messages float into cyberspace and never reaching their intended recipients has been solved, according to Mehalick.

CNN: Lockheed finally finds e-mail success

It would be unwise for China to float the yuan until it has cleaned up its banking system, but it could repeg against the dollar at a higher rate and shift to a currency basket, which is what the government has said it would like to do.

ECONOMIST: China's economy

Allowing the yuan to float freely could have bad implications if the country's financial system is not in good shape.

FORBES: China's Currency Problems