For more thoughts from the Enterprising Investor on China, click here. Read Henry’s full discussion of the USD/RMB Exchange rate in The Renminbi: Don’t Bet on a Big Plunge. But the PBOC did not anticipate the negative reactions, including renewed critiques of China’s mercantilist policies along with heightened volatility in global financial asset and commodity prices. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de jure floating currencies.
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