History may not repeat itself, but in Chinese it definitely rhymes. The markets have been playing the tune of 2008 for months; Chinese currency policy may be following suit.
This matters. On the renminbi-dollar exchange rate rest global imbalances in the trillions of dollars as Beijing keeps its currency artificially low, flooding the world with liquidity (and low-cost exports).
Back in July 2008, shares and commodities were plunging while financial panic led to a rapid strengthening of the dollar. Runaway Chinese inflation also seemed to be tamed at last. China reacted by pegging to the dollar at about Rmb6.82, telling no one.
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