Plenty of messages emanated from the recent Chinese Communist party plenum, and most of them signalled a reversal in a commitment to reform. Notably, these included previous pledges to liberalise capital controls and ease its handling of the renminbi.
Liberalisation was conceived of at a time when the renminbi was strengthening thanks to burgeoning trade surpluses. It was also an appreciation welcomed by Beijing.
In theory, the rise forced Chinese companies to move up the value-added curve, rather than simply rely on a cheap currency to sharpen export competitiveness. It made overseas acquisitions less expensive for Chinese companies and gave consumers greater buying power when they ventured abroad.
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