New China exchange rates could affect Americans

CHINA'S CURRENCY: China's decision to loosen its currency, the yuan, from the U.S. dollar and instead set exchange rates against a basket of currencies could hurt the American traveler. "As the yuan appreciates against the dollar, it will become more expensive for Americans to travel to China," said Greg McBride, a senior financial analyst at Bankrate.com. "However, the appreciation is expected to be very gradual." Many experts say China's move was largely political. The United States has long complained that China kept its exports cheap to maintain a healthy economy.