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Economy

Calming the yuan

Time for Beijing to give up targeting exchange rate levels

| China

In ancient China, time was marked in the cyclical rise and fall of dynasties. A linear movement of growth and change wasn't considered.

Whether or not time is still cyclical for China, it certainly seems to be for the yuan. The first week of 2017 looked very much like that of 2016. Both years began with worries about the strength of the currency and the level of Chinese foreign reserves.

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