The scary beast of Chinese devaluation has been terrifying markets. But it should hold no fears for those who know that what is happening to the yuan is part of a long-term plan
It’s not every day you lose almost ten billion euro. I’d call Thursday a bad day for Argentina’s national debt managers. (Imagine being the person giving that news to the minister for finance. Ouch). Almost one-third of Argentina’s international reserves are held in yuan, China’s currency.
The yuan devalued sharply after the People’s Bank of China, China’s central bank, started setting the yuan’s level relative...
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