The best thing for the renminbi is to remain stable here, but the recent rally to May levels certainly puts a damper on concern of renminbi declines here. The PBOC doesn't want to see the renminbi strengthen either, however, since it will hurt the export sector and facilitate dollar purchases by Chinese, who continue to diversify out of the renminbi.
Amusing Ourselves To Death
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Give them bread and circuses and they will never revolt – Juvenal, Roman
poet The decline of Rome was the natural and inevitable effect of
immoderate great...
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