Will China allow its currency to devalue by more than 10 per cent?
No. Pressures are building on the renminbi to depreciate against the US dollar after sliding by more than 6 per cent during 2016. Capital is surging out of China in spite of efforts to dam it in. The property market is cooling fast and US dollar interest rates may rise again. And yet the renminbi will not suffer a rout next year. It will hardly depreciate at all. Everything in China in 2017 will be about stability ahead of the key congress in November — so Beijing will hold the currency steady.
James Kynge
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