It comes after the value of the cryptocurrency plummeted by 20 percent in the first week of January.
The approval is a win for Beijing's campaign for recognition as a global economic power.
The last time energy was this cheap, Eisenhower was president.
Making the internationalization of the yuan the centerpiece of economic policy is pure insanity.
"Calling it a market disaster is not an overstatement," one analyst said.
The Yuan float is a sham. Until China frees its currency, its economy and its people, the market cannot work.
A decade ago, China's currency was very lightly traded abroad. Now it is one of the five most heavily traded in the world.