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China and the poisoned chalice

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Relaxing the US dollar peg is perfectly consistent with the long-term Chinese goal of turning the yuan into a fully fledged international currency.

ONE of the larger surprises of the summer is how the Chinese authorities have allowed an apparently technical matter - the possible inclusion of the yuan in the International Monetary Fund's (IMF) special drawing right (SDR) - to become the stuff of global headlines.

Whether or not the

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