A bank clerk counts dollar and yuan notes. Rich Chinese have been sending their money abroad at a dramatic pace. Photo: Reuters

China must devalue the renminbi or lose its hard-won reputation for economic management

Milind Rao says there is no way Beijing can keep the currency fixed to the US dollar, and at the same time maintain its own monetary policy, unless it enacts capital controls

Topic |   Yuan

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A bank clerk counts dollar and yuan notes. Rich Chinese have been sending their money abroad at a dramatic pace. Photo: Reuters
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