China’s central bank has flummoxed and rattled markets with its apparent shift of goalposts on the renminbi.
Having spent tens of billions of dollars over recent months in a seemingly Sisyphean attempt to support the renminbi, it has twice this week stood aside while it weakened.
Plenty of domestic government agencies welcome the People’s Bank of China’s willingness to let the market drive down the renminbi against the US dollar. These include the commerce ministry, with its traditional concern for the country’s struggling exporters.
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