The Diving Reminbi: Who’s Playing?

From Economic Observer Online:

Last week, on the eve of the fifth China-US Strategic Economic Dialogue, the renminbi depreciated dramatically against the US dollar for four consecutive days. The drop was triggered by a 156 basis point jump in the central parity rate on Monday, the biggest one-day fall since the currency was de-pegged from the US currency in 2005.

The week-long depreciation sparked off widespread suspicion. Is it a result of government manipulation? Will it continue or is there an end in sight? Is capital flowing out of China as a result?

The Economic Observer brought these hot topics to Yu Yongding, director of the Institute of World Economics and Politics, Wang Qing, chief economist for Morgan Stanley’s Greater China region, and Peng Xingyun, director of the monetary theory and policy department of the Institute of Finance and Banking.

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