via @TaviCosta:
At that time USDCNY exchange rate was at 7.25!
Today, it’s only 6.79.
This divergence in monetary policy puts tremendous pressure on the PBOC to devalue its currency.
Honest question:
If Chinese growth is picking up again, why is the $CNY share of global payments via swift declining year to date?
It’s now below 2%!
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