Still shackled

Cover story

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Speculation in renminbi non-deliverable forwards (NDFs) soared in advance of the annual National People's Congress (NPC) meeting in mid-March. This was down to the belief that China's parliament would put an end to market uncertainty, succumb to international pressure and announce a major one-off upward revaluation of the currency.

By the end of the week-long session on March 13, no such development or any intention of employing such a measure had been revealed, which brought about frenzied short

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