The dollar slid back against the yen on news that China is revaluing its currency. Reports out of China said the Chinese Central Bank has repegged the yuan exchange rate to 8.11 yuan for one dollar. The yuan was previously fixed at 8.28 to the dollar, which led to criticism that Beijing was keeping the yuan deliberately undervalued at the expense of its trading partners. Any revaluation of the yuan would likely raise the value of Asian currencies, including the yen, against the dollar. The dollar slumped to a low of 111.39 yen following the announcement from 112.40 before.