How else does one make sense of Wednesday’s announcement that non-residents in Hong Kong will be allowed to convert unlimited amounts of renminbi at a time when the PBoC is also making efforts to push it down relative to the dollar?
The Hong Kong Monetary Authority’s announcement suggests continuing incremental steps in the Chinese central bank’s efforts to internationalise the renminbi; while letting it decline relative to the dollar suggests a return to policies that favour China’s exporters and annoy the US and others.
The renminbi has been declining over the past several days. The pressure to push it down is coming as growth slows in the economy.
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