Currency wars are typically fought between countries as policymakers duel over how to speed up exports. But in China, a currency war is breaking out between investors and the central bank.
Okay that's probably overstating it. But still, the stand-off is notable.
In six of the past seven sessions the People's Bank of China has lifted the daily fix on the tightly-controlled currency, taking it to its highest since February (6.1152 per dollar).
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