| Ask currency analysts about the yuan, and the chances are they will tell you two things. First, they will say that despite appreciating 35 per cent against the US dollar over the past eight years, China's currency is still undervalued.
Second, they will tell you that in their determination to internationalise the yuan, policymakers in Beijing have been busy dismantling China's remaining capital controls, and that for most intents and purposes, the currency is now freely convertible. They are wrong on both counts...............................................Full Article: Source
|