US and Britain secure agreement with China to let yuan rise in value

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The deal was struck by world leaders at the G20 summit in Cannes. The communiqué, released following the talks, said member nations have agreed to move "more rapidly towards more market-determined exchange rate systems". In an early draft, China was named – although it was eventually removed from the final document.

Prime Minister David Cameron said: "China has determined to increase exchange rate flexibility. That is real progress." He also welcomed recent changes to Russia's currency regime.

The G20 pledged to "refrain from competitive devaluation of currencies" and committed to "roll back any new protectionist measures that may have risen, including new export restrictions". The US had been threatening tariffs against China.
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dereksatkinson said:

China is only going to do this if it's advantageous for them to do so.

So the question is, how is this benefiting china?

Given their well publicized real estate bubble and problems in their banking system, a strong currency wouldn't be advantageous because it would make it harder for the public to pay back their debts. Unless of course they converted their real estate related debts to something other than local currency then hedged against the currency moves.

Nah.. The Chinese couldn't be that clever.

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