One of the last key variables for world markets that responds to government control is the Chinese exchange rate. So, Many investors are now trying to read the mind of Chinese officials.
For years, China had allowed the yuan to rise steadily against the dollar. This pleased the US, and made Chinese exports less competitive, while removing heat from the Chinese economy.
That steady appreciation came to an abrupt halt in early July. Since then, despite all the titanic forces moving world markets, the yuan-dollar exchange rate has barely moved.
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