| The tactics Beijing used to win its war over the yuan may obfuscate the price it paid to get there. Beijing may want to declare “mission accomplished” in its war over the yuan. But the tactics it used may obfuscate the price it paid to get there.
China’s foreign-exchange reserves rose $10 billion in March to $3.22 trillion, breaking a disconcerting four-month depletion streak. Part of that can be chalked up to valuation effects. A rise in the euro rose made China’s holdings in that currency look larger when reported in dollars. Still, the numbers seem to show that—for now—Beijing no longer has to spend heavily to keep the yuan steady...............................................Full Article: Source
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