Paper dragon

Paper dragon

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 to the US dollar’s closing...

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