Overvalued against major trading partners
Once China published CFETS RMB Index, it becomes clear why they have to devalue Renminbi. 12 currencies named in the index have been devaluing since 2011.
12 of them have been devaluing against the RMB since 2011. We know also that this index was conceived as early as November 2014 which means policy makers have been simmering for a year.
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