For years, China had allowed the yuan to rise steadily against the dollar. This pleased the US, and made Chinese exports less competitive, while removing heat from the Chinese economy.
That steady appreciation came to an abrupt halt in early July. Since then, despite all the titanic forces moving world markets, the yuan-dollar exchange rate has barely moved.
But this applies only to the dollar. On a trade-weighted basis, the yuan continued to rise, particularly against other Asian currencies. But there has been active depreciation against the Japanese yen.
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