The renminbi’s fall against the dollar this year seems to have caused Chinese policymakers unusual levels of anxiety.
People's Bank of China Governor Yi Gang at the IMF World Bank Spring meeting, April 18, 2013. Credit: IMF Photo/Cliff Owen via Flickr
It is rare that a seemingly parochial U.K. government bond rout smothers an important China story, but these are strange times. Had it not been for the recent extraordinary instability in the gilt market, triggered by the British government itself, the fall in China’s renminbi to its lowest level against the dollar since 2008 last week would undoubtedly have dominated the news in global financial markets.
At first glance, the Chinese currency’s slide appears to be more about the dol
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