Any expectation that the weekend statement by the People’s Bank of China (PBoC) on yuan "flexibility" meant the advent of the significant appreciation of the currency against the dollar hoped for by Washington and the EU should be shelved. The PBoC’s language on flexibility is the same as before and likely means the same as it did before: Beijing will retain tight control of currency movements against the dollar. No details have been released on the new currency basket. Economists...
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