As politicians move to head off a global “currency war”, few questions loom larger than the extent to which China will allow its currency to strengthen against the US dollar.
The debate has intensified since mid-October when the US Treasury delayed a highly anticipated report on international exchange rates and thereby avoided the delicate question of whether to label China a currency “manipulator”.
Since then, the renminbi has stopped moving higher against the dollar – and has instead depreciated by 0.2 per cent. Currency traders have also scaled back their bets in the forwards markets on the pace of future appreciation.
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