China's Campaign to Control Yuan Shifts to Limiting Strength

For a managed currency, the direction of China’s yuan is proving hard to predict.

Despite a constant drumbeat from policy makers that it would be kept “stable” in 2017, the year of the all-important Communist Party Congress, the currency has made a stunning about turn. After two years of beating back the bears, Beijing is now being confronted with the opposite problem as the dollar’s slide fuels appreciation pressure.