Why China's tolerance for a cheaper currency may be temporary [Reuters]
Goldman Sachs Group, Inc. (The) (GS)
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lower to regain export competitiveness, but analysts say protracted yuan weakening is neither the intent nor desirable. The biggest signal of tolerance for a weaker yuan has come via the People's Bank of China's (PBOC) daily reference rate , or fixing, around which the yuan is allowed to trade. Report this ad Having used the fixing to contain the yuan's fall from November even as currencies of trade rivals such as Japan and South Korea tumbled, the PBOC's fixings have since mid-April become less rigid and even slightly biased to weaken the currency. State-owned Chinese banks, which frequently step into markets to buy the yuan, have also been less conspicuous. Based on nominal exchange rates, a bit of yuan depreciation makes sense. It has declined about 2% against the dollar this year, but an index of its value against its major trading partners is up nearly 3%, given the sharp 9% drop in the Japanese yen and the Korean won's 5% drop against the dollar in that period. Repor
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