The Financial Times recently published an op-ed piece about the effects of RMB revaluation by Yang Yao, director of the China Centre for Economic Research at Peking University and editor of China Economic Quarterly. It doesn’t shed any new light on the fact that revaluation of the Yuan will not in and of itself set right the international flows of currencies – both countries have economic re-structuring to do; however, the article is notable in the reasonable note it sounds, compared to most of the shrill proclamations coming out of Beijing. Worth a read.

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