Profiting from the Chinese yuan
BACKGROUND: While it still seems likely that China will eventually move towards a more flexible exchange rate system over time, a revaluation in the short term seems unlikely. This ‘later rather than sooner’ view of a revaluation of the Chinese yuan is driven by the People’s Bank of China’s (PBoC) current preoccupation with the tightening of credit expansion and the liberalisation of interest rates, rather than with foreign exchange reform. This was emphasised on March 24, when the PBoC raised
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