China’s Export-Boosting Yuan Move Cloaked as Bold Market Reform
Yuan Devalued to Combat China Slowdown
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In suddenly weakening the yuan, China’s central bank is mixing economic pragmatism with reform. It has devalued its currency in the most dramatic downward move in two decades to give the ailing export sector a lift, and at the same time is able to pitch the move as liberalization.
Whether global currency traders and China’s trading partners buy that explanation is another matter.