Comment on China’s yuan move puts global image at stake

China’s yuan move puts global image at stake

China’s rapidly weakening currency is shattering the economic juggernaut’s carefully managed image of prosperity and threatening to set back the U.S. recovery just as it is gaining traction.On its face, China’s move to allow more market forces to set the value of its currency appeared to be a bid to burnish its reputation among the world’s economic elite by bolstering the case for the yuan’s acceptance as a global reserve currency.

 

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