 |
 |
 |
 |
 |
 |
 |
The pace of Chinese intervention in the foreign exchange market has slowed dramatically, but just how much is a bit of an open question. The People’s Bank of China (PBoC) releases a monthly series on foreign exchange reserves. This number receives a lot of attention because it is high frequency and gives the overall stock [...]
Over the past several years, the Chinese government has frequently argued that the renminbi is steadily moving towards an equilibrium exchange rate. China’s financial authorities made this claim in their responses to both the 2010 and 2011 IMF Article IV Reports. 2010: “They [the authorities] viewed the level of the renminbi right now as much closer [...]
All the discussion about including the renminbi in the Special Drawings Rights (SDR) basket established by the International Monetary Fund (IMF) is a side-show or distraction with the real action being the conditional imminence of the renminbi’s rise. That is not a judgment, just a description of reality. Last week, the renminbi was in the [...]