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No, the current president 'Hu Jintau' controls the exchange rate through China's currency policy which dictates how many US dollars an owner of Yuan can get in exchange.
Proof that the Yuan is not pegged to gold exists in studying the shape of the graph showing gold denominated in Yuan.
Google search: yuan gold graph
http://www.kitconet.com/webcharts/au_en_cny.html
If the yuan was pegged to gold, then it follows that a yuan-gold graph plotted on an X-Y coordinate plane would show a horizontal line indicating the value of the peg from yuan to gold. This is not the case in 2009.
However, the yuan IS pegged to US Dollar as of 2009 at around 1 yuan = .15 USD cents and has been for quite some time. Logically, a graph between Yuan and US dollar results in a horizontal line as shown in this graph:
http://www.x-rates.com/d/CNY/USD/hist2009.html
Much Propaganda exists to keep the people ignorant of these things in china. The people of China are told through the media that the yuan is pegged to gold but it's not.
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