http://www.project-syndicate.org/commentary/ronald-mckinnon-warns-that-foreign-pressure-for-renminbi-appreciation-risks-triggering-inflows-of--hot--money#PBYU3gQ6s2pLtBzr.99
Ronald McKinnon is Professor Emeritus of International Economics at Stanford University, and the author of
The Unloved Dollar Standard: From Bretton Woods to the Rise of China.
APR 11, 2014
China’s Currency Conundrum
PALO
ALTO – The People’s Bank of China (PBOC), it seems, cannot win. In late
February, the gradual appreciation of the renminbi was interrupted by a
1% depreciation (to $1:¥6.12). Though insignificant in overall trade
terms, especia
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