(Kyoungwha Kim – Bloomberg)
China is using the yuan to make the case that it’s a responsible economic powerhouse before President Xi Jinping meets Barack Obama in Beijing tomorrow.
The People’s Bank of China yesterday raised its yuan reference rate by the most since 2010. In doing so, strategists say it’s distancing itself from the stimulus policies of Japan and the euro region, which have resulted in the kind of currency weakness that’s attracted the ire of U.S. officials concerned about unfair trading practices. Read more here.