Bond markets react to China's 'baby step' to convertibility



Confucius said that a journey of 1,000 miles starts with a single step. And that's how many in the financial markets viewed the surprise revaluation of the yuan, the Chinese currency, in July. Finally bowing to political pressure - the US has been extremely vocal about Chinese currency 'manipulation', with the yuan pegged at an uncompetitively weak rate against the dollar - the People's Bank of China (PBOC) took its first step on the long road to full convertibility on July 21.

In what amount

To continue reading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: