A foreign exchange store in Shanghai. Today, China controls the renminbi’s exchange rates and capital flows, but each Chinese citizen is allowed to buy US$50,000 a year from any bank. Photo: Reuters

Why worries about a sharp slide in the renminbi are overblown

Joe Zhang says China can effectively raise the value of its currency if it wants to, in response to jitters about the impact of a US interest rate hike. Yet it has made no such move – because it does not need to

Topic |   Yuan

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A foreign exchange store in Shanghai. Today, China controls the renminbi’s exchange rates and capital flows, but each Chinese citizen is allowed to buy US$50,000 a year from any bank. Photo: Reuters
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