Ex-People’s Bank of China adviser Li Daokui (now a professor at Tsinghua University) says on the renminbi:
"Set it free, if it comes back its yours. If not, it never was"
Oh, no wait. He didn't say that. That was someone else about a pet rabbit or something.
What he did say was:
"It's meaningless to peg the yuan against the dollar"
"The world is not in need of another currency that's pegged against the dollar, it needs a relatively stable currency that's pegged against a basket of currencies."
He was speaking in an interview at the World Economic Forum in Davos, Switzerland.
Speaking of Davos. I am awaiting advice for the Chinese central bank from the Hollywood actors and the pop singers in attendance. Always nice to get their input on policy matters, right?
