China’s latest move to liberalise its financial markets – Saturday’s decision to widen the renminbi/US dollar band – barely registered among traders and investors, writes Stefan Wagstyl.
With the markets overshadowed by pessimism about the outlook for global growth and the European debt crisis, there was little time to focus on the long-term benefits that should flow from Beijing’s gradual opening up of its economy.
The renminbi weakened 0.3 per cent in early trading to 6.325 against the dollar before recovering to trade at 6.313. Other Asian currencies also generally lost ground against the greenback.
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