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The state of the Chinese currency proves money cannot be controlled

First published: The Times, 22/08/2016

Just over a year ago a 3 per cent devaluation of the Chinese yuan against the dollar triggered panic in global markets amid fears about a faltering Chinese economy and an escalating currency war. A similar episode occurred early this year. Yet since April the yuan has fallen by about 3 per cent with barely a murmur, begging the question whether panic has been replaced by complacency.

Some things have certainly changed. The central bank’s management of the yuan has improved through the adoption late last year of a trade-weighted basket, and the People’s Bank of China’s communications with the…Read more: