Economics
The Battle for the Yuan: How China's Big Mama Hurt Speculators
- PBOC tackled yuan speculators over December and January
- Officials warn that short bets on the yuan will fail
What Tools Does China Have to Fix Economy?
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Chinese officials are using military analogies to describe the People’s Bank of China’s bruising attack on speculators who were betting against the nation’s currency.
Take Wang Yong, an academic at the PBOC’s training school. He urged policy makers to gird for a "tough battle" and the government to stock up on grain, oil and gold as they fight to keep the yuan stable. Or Mei Xinyu, a researcher at the Ministry of Commerce, who wrote in a commentary on the front page of the overseas edition of the People’s Daily that billionaire investor George Soros’s "war" against China won’t succeed.