China cannot afford to join the SDR club now
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IS CHINA about to set off down the same mistaken path that Japan trod 35 years ago, when it acquiesced in a move by the (then) Group of Five (G5) leading world economic powers to appreciate the yen massively against other major currencies under the so-called "Plaza Accord"?
The question may seem a little odd, given that there is no move afoot by the now-G7 group to launch a new Plaza Accord - which would not be possible anyway, given that exchange rates are market-determined nowadays.
But China may be walking into a trap of its own making.
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