The timing of Beijing’s symbolic break with the US dollar peg was as much about politics as policy, allowing Hu Jintao, China’s president, to travel to Washington in September fending off rising congressional criticism that China is keeping its currency artificially low.

But the content of Thursday night’s announcement of a new currency regime was more policy than politics, as it gives China greater flexibility in managing the renminbi, while still maintaining an array of tools to keep any fluctuations to a minimum.