In the race between the tortoise and the hare, the plodder has edged in front.
China’s renminbi – never the swiftest mover in the currency market – is a standout performer this year, thanks to its small but notable gain against the resurgent US dollar.
The Chinese currency has risen 1.7 per cent this year and is up 3.6 per cent in the past 12 months. Though the gain appears unexciting, comparisons with other emerging market currencies are much more flattering.
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