BriefingAsia-Pacific

China Needs Greater U.S. Support for Evolving Yuan

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BEIJING — As policymakers from the world’s two largest economies gather in Washington for the third U.S.-China Strategic and Economic Dialogue, the Chinese yuan is trading at a 30-year high against the dollar, while its convertibility has expanded significantly since this time last year, and bullish sentiment surrounds its future evolution. Although this may suggest China is finally getting serious about rationalizing the value of the yuan, recent measures are geared toward internationalization rather than genuine liberalization, and China’s economy is still decades away from being able to support a free-floating currency. It is in the U.S. interest to support […]

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