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The Weakest Renminbi Since ... Well, January

The renminbi is testing 12-year weakness against the US dollar - but of course that's a meaningless statement. Turning to what actually matters, the renminbi is still almost right smack on the midpoint of its five-year basket trading range, far stronger than it was a decade ago, and there's no evidence that the government is using the exchange rate for active macro policy management.

The Weakest Renminbi Since ... Well, January

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