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China should seize the moment to free up controls on the yuan to expand its international use

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[unable to retrieve full-text content]For the last five years, China’s central bank has been fighting to defend two key numbers: seven and three. Seven refers to the exchange rate between yuan and the US dollar – if the yuan weakens too much beyond seven to the US dollar, it would be regarded as a dangerous sign. Three refers to the level of China’s stockpile of foreign exchange reserves – if reserves dip below US trillion, it would be seen as a sign of weakness.The context for the unannounced campaign to defend the two key…

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[unable to retrieve full-text content]
For the last five years, China’s central bank has been fighting to defend two key numbers: seven and three. Seven refers to the exchange rate between yuan and the US dollar – if the yuan weakens too much beyond seven to the US dollar, it would be regarded as a dangerous sign. Three refers to the level of China’s stockpile of foreign exchange reserves – if reserves dip below US$3 trillion, it would be seen as a sign of weakness.The context for the unannounced campaign to defend the two key…
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