China changed how they set the official value of their currency, the renminbi, against the US dollar in 2015. The new method affected how the renminbi's value changed over time. Before the change, the difference between the renminbi's offshore rate and the US dollar's value were important factors. After the change, the onshore renminbi rate and the difference between offshore and onshore renminbi forward points became more significant. The US dollar's value still matters, but the VIX index lost its explanatory power after August 2015. The currency basket announced by China in December 2015 did not affect the renminbi's value.