The notion that the Chinese central bank is waging a campaign against currency speculators conjures up an image of Beijing taking on shadowy hedge funds managed by George Soros and his cohorts.
The reality is more prosaic and hits closer to home: much of the so-called speculation on renminbi appreciation has been longer-term investment, and many of the investors are Chinese actors, including state-owned companies, rather than global financiers.
By guiding the renminbi down by 1 per cent over the past week – its steepest depreciation since China introduced a new currency system in 2005 – the People’s Bank of China has rekindled uncertainty about the exchange rate.
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