Michael Pettis is a finance professor at Peking University and a senior associate at the Carnegie China Center.
As China’s economy continues to slow and the renminbi weaken in the face of Covid lockdowns, the Ukrainian war, US monetary tightening and financial outflows, there has been a rising chorus of voices calling for Beijing to devalue the renminbi.
A cheaper currency, the argument goes, would benefit Chinese manufacturers by allowing them to boost exports, which should in turn boost economic growth. Lo and behold, the renminbi has weakened significantly lately.
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