-
As China stocks dive, global investors worry more about yuan
While local Chinese fret over the bursting of the Shanghai stock bubble, global investors are more worried about the yuan currency which once seemed destined to rise inexorably. A decade after China released the yuan from its peg to the dollar, ever more international money managers no longer regard the currency as a one-way appreciation bet that will augment their returns on stocks and bonds in dollar terms. "For years, one of the arguments was that the yuan was undervalued and it would go up," said Zsolt Papp, client portfolio manager at JPMorgan Asset Management. This argument has been weakening for some time, he ... (full story)