The renminbi in your pocket
Lessons from the dollar shortage of 1967 and the sterling devaluation
In a recent article in the FT on dollar balances at Chinese banks I observed the link to the fall of the renminbi against the dollar. There are echoes in this year’s renminbi performance with the devaluation of the pound against the dollar in November 1967. Just as with the renminbi in 2022, in 1967 a surprise war was the catalyst that brought on the de…
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