China used to intervene directly—by buying and selling dollars—to get the exchange rate it wanted. As recently as 2016 it ran down its foreign-exchange reserves from $4trn to $3trn to support the yuan. But for the past four years or so its reserves have been stable; there has been no large-scale intervention to either put a floor under the yuan or to check its rise. The surprise is not that China has thrown a little sand in the gears of its currency market.
That is not all. China has been opening its markets to overseas investors. Non-residents can more easily buy and sell stocks and bonds on the mainland’s markets. China’s government bonds and “A” shares have qualified for inclusion in global benchmarks, such as theequity indices and the Bloomberg Barclays bond index, which are tracked by huge pools of capital. A steady flow of foreign purchases has pushed up the yuan. China has not stood in the way.
Then the CCP takes your stuff.
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