Not Even PBOC Supports Yuan’s Reserve Role

By |2019-02-19T12:57:00-05:00February 19th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

China’s yuan just isn’t a stable currency. I don’t mean its exchange value, either. CNY floats up and down on the whims of the eurodollar. The PBOC can and does limit the daily trading band, but often at tremendous cost (ticking clock). Therefore, the internal constraint governing this dynamic is a symptom of a world [...]