Renminbi begins its rise against the dollar

For the record, the renminbi rose 0.6 percent against the dollar today, the largest rise since 2005.

Chinese authorities are believed to have engineered the rise in response to growing criticism from the US, where critics believe it is undervalued by as much as 40%.

Those critics may come to regret what they wished for.

China points out that its (annual) trade surplus has fallen more than 50% since 2008.

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