No Near-Term Currency Regime Change in China

Spot USD/CNY closed above the fix today for the first time since September 2012. We saw a prolonged period of this in Q2 and Q3 2012, right after the last band widening. But to keep things in perspective, spot is still closer to the center of the +/- 1 percentage point trading band around the fix…

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No Near-Term Currency Regime Change in China