China’s currency the renminbi (RMB) has surprised many market participants with its year-to-date strength, which is being explained away by a surprisingly weak dollar. We believe that the fundamentals are part of the story, and that interest rates, economic growth and capital flows have all supported RMB strength this year. However, there has also been a steady policy transformation taking place over the last two years, that we believe will drive the relationship between the RMB and the USD going forward and change the way people view China’s currency and fixed income markets as part of a well-designed portfolio. READ MORE
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