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CHINA: Central bank seeks to manage RMB expectations without intervention

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The renminbi has strengthened by 2.3% against the US dollar this year, raising the question of how much appreciation the People's Bank of China (PBoC) will tolerate.
The PBoC probably cares more about the trade-weighted exchange rate than the bilateral USDCNY rate.
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CHINA: Central bank seeks to manage RMB expectations without intervention

The renminbi has strengthened by 2.3% against the US dollar this year, raising the question of how much appreciation the People’s Bank of China