Renminbi falls, hits new low in trade weighted terms?

Remember, that is also what dollar depreciation against the Euro, pound, swiss franc and other currencies means. If you think what China really, really needs right now is an even weaker currency ... you are in luck. The markets are delivering for you!

If China moves toward a basket peg so that it does not track the dollar down, it might want to consider doing so retroactively (effectively the same as devaluing against the dollar and then pegging to a basket).