| China is unlikely to engineer a competitive devaluation of the yuan as it seeks reserve currency status, according to Pacific Investment Management Co. A sharp drop in the currency would also hinder government efforts to transform Asia’s largest economy into one that’s driven more by consumption rather than exports, Isaac Meng, a portfolio manager at Pimco in Hong Kong, wrote in a research note released Wednesday.
People’s Bank of China officials have called on the International Monetary Fund to add the yuan to its basket of reserve currencies in a review later this year...............................................Full Article: Source
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