The writer is an economist and also sits on the board of the Bank of China (UK). He writes in a personal capacity
China faces a currency trilemma. Should its policy be for the renminbi to strengthen, depreciate or stabilise? There are immediate arguments against each option so a longer-term approach is needed.
Beijing should encourage a stronger renminbi and adjust domestic policy so this is seen as credible by the financial markets. It would suit China’s longer-term ambition of a stronger future role for the renminbi and a shift to a multi-polar currency system.
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