A word of warning from a former adviser to the People’s Bank of China: Free the yuan from its dollar shackle and “clearly” inform the market of your exchange-rate policy to avert more damaging rounds of depreciation.
“It’s meaningless to peg the yuan against the dollar,” Li Daokui, currently a professor of Tsinghua University, said in an interview at the World Economic Forum in Davos, Switzerland on Wednesday. “The world is not in need of another currency that’s pegged against the dollar, it needs a relatively stable currency that’s pegged against a basket of currencies.”
Unprecedented
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FEEDThere has never been a time in the history of the markets that TLT fell
eight days in a row, but it did as of Monday.
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