, Columnist
China Has a Big Currency Decision to Make
Allowing the yuan to weaken beyond seven per dollar could mark a huge shift in the international terms of trade. Also, actively responding to passive aggression.
It’s all about the yuan.
Photograph: AFP
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Round numbers tend to matter in markets. So it is that the foreign-exchange community is dominated by one question, which is whether China’s yuan will breach the seven-per-U.S.-dollar level. The question is freighted with history.