In addition, in early July 2014, the State Administration of Foreign Exchange (SAFE) announced that it will permit banks to set their own exchange rates for the renminbi against the U.S. dollar in deals with their clients.
Malaysia shifted from a rigid U.S. dollar peg to a more flexible arrangement in 2005 that does not belong to a specific exchange rate arrangement and is now categorized by the IMF as other managed arrangement. The flexibility in Malaysian exchange rate policy has been enhanced remarkably (Chart 6).