When it comes to the vexed question of China’s currency, everything has changed and nothing has changed.
China dropped a bombshell last Saturday when it announced the end of its two-year peg to the dollar and in the process it seemed to eliminate the risk that the battle over its exchange rate would escalate into a trade war.
Yet near the end of the first week of trading under the new regime, the renminbi has only appreciated against the dollar by 0.39 per cent. When the Chinese central bank said there would be no dramatic movements in the exchange rate, it clearly was not kidding.
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