Economics

Exchange Rates

REUTERS/Jason Lee --100 Yuan notes are seen in this illustration picture in Beijing November 5, 2013. China's central bank plans to maintain its prudent policy-setting with timely fine-tuning to keep the economy on an even keel while warding off inflationary risks.

Opinion

New Rules of the Game for China’s Renminbi

May 14, 2014, Arthur R. Kroeber

China recently ended an eight-year period of slow but relentless appreciation against the U.S. dollar, marking a decisive change in its policy for managing its currency, the renminbi. Arthur Kroeber argues that this move is part of a broad and ambitious financial reform strategy, reflecting the agenda laid out last November in the “Decision” published following the Third Plenum of the 18th Party Congress. Furthermore, he writes, it is about improving China’s macroeconomic management, and has little or nothing to do with boosting exports.

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