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
The week on Risk.net, July 7-13, 2018Receive this by email