The sudden fall in China’s currency last week spurred a lively debate about whether the move was a victory for market reform or a competitive devaluation designed to shore up flagging exports.
But even those who believe the 3 per cent drop was aimed at exporters accept that a weaker renminbi by itself is radically insufficient to cope with the challenges facing China’s economy.
“Currency depreciation to stimulate export growth is neither useful nor necessary,” said Qu Hongbin,
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