| One of the surest bets on China is starting to look a bit shaky. Every business day for the last nine years, at 9 a.m., government workers in the blandly named Building No. 30 in Shanghai’s Pudong financial district have published what their country’s currency will be worth that day, when compared with the United States dollar.
More often than not, the staff of the China Foreign Exchange Trade System has assigned a value to the currency, the renminbi, slightly stronger than it had finished the previous day. Thanks to the guiding hand of the Chinese state, the renminbi today is about 25 percent stronger than it was in July 2005, when China scrapped the currency’s fixed peg to the dollar in favor of a steady, crawling appreciation...............................................Full Article: Source
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