Yuan debate reignites
The State Administration of Foreign Exchange (Safe) said last week (in a 40-page statement on China's first-half balance of payments): "In the near future, it is difficult to see strong yuan appreciation expectations reappearing as they did a few years ago." To support its case, Safe cites the yuan's limited movement in the non-deliverable forwards (NDF) market and in the onshore currency market in the first half of the year. It added: "At present, the yuan's exchange rate has maintained basic
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