Michael Pettis: Do Markets Determine The Value Of The RMB?
Do Markets Determine The Value Of The RMB? by Michael Pettis' China Financial Markets
Last Tuesday the PBoC surprised the markets with a partial deregulation of the currency regime, prompting a great deal of discussion and debate about the value of the RMB. Part of the discussion was informed by a consensus developing in one part of the market that the RMB is no longer undervalued but is in fact overvalued. Why? Because if left to the “market”, that is . . .
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