China wants the renminbi to be part of the International Monetary Fund’s basket of elite currencies — the Special Drawing Rights — and a major global currency for trade and reserve holdings. For this purpose it sees a stable and strong renminbi as desirable. It also wants the value of the renminbi to be increasingly determined by market forces. But the leadership cannot have it both ways unless it takes a different approach to managing rate adjustments. Its efforts so far have led to this month’s unexpected devaluation, generating turmoil and the widespread perception that Beijing has lost control over economic decision-making.
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