A losing battle for renminbi supremacy

Asian currency moves are deeply misunderstood. China is not winning the currency wars, it is losing them – and falling drastically backward in manufacturing competitiveness.

Asia came to currency early, and it soon learnt to treat coinage as a weapon of war. Indeed, the coins minted in China during the warring states era, almost 500 years before Christ, were made in the shape of knives.

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