Great take on it in-country here.. but the currency has to have real worth, not inflated (overbought/oversold) which means the spread on the forex itself would have to be liquid (tight). How would just "turning on the currency" make that possible? Even when companies go public (I know that's a bad example) there is a run-up...and then a sell-off. THEN the price movement ebbs and flows naturally. The yuan went up over time, is (somewhat) devalued, yet is worth SOMETHING (more), not like it was twenty years ago.