When the People’s Bank of China (PBoC) took the first step since 1997 to revalue the renminbi on July 22 last year, it proved to be nothing but a tiny step in the right direction. Brief excitement in the financial markets was quickly followed by the realisation that nothing had really changed at all a currency basket had been introduced; however, its composition was kept secret.The PBoC allowed the renminbi a daily fluctuation,but only of 0.3% against the US dollar and of 1.3% against all other currencies. Surely this loosens the peg per definitionem. However, those praising the winds of change of July 22
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