Strong growth: China is now the world’s second largest economy and it is unlikely the country will permanently peg the renminbi to the single currency of the US dollar. — Bloomberg
While the currency has depreciated slightly since last year, its average exchange rate against the US dollar has exhibited a strong upward tendency for 20 consecutive years.
BILLIONAIRE hedge fund manager George Soros has made news at the World Economic Forum in Davos. This year, he declared an “open currency war”, saying he was short-selling Asian currencies, including the renminbi. Due to his financial influence, his remarks have added to the already volatile international financial market and increased the pressure from speculative attacks on the Asian currency market.
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