Time warp alert. Data yesterday showed that China is on course for its first annual pick-up in growth since 2010 — the year it became the world’s second-largest economy.
Meanwhile, the renminbi is hitting its best levels against the dollar since November. A function of the weakening dollar or something more significant?
Something has shifted in the way Beijing wants to manage the renminbi. Last week, the People’s Bank of China mused about widening the band in which it permits the currency to trade onshore. The PBoC’s own power within China is growing, too: over the weekend at the twice-a-
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