"This is the way the new world begins Not with a bang but a whimper." (With apologies to T S Eliot)
The long-awaited change in the Chinese currency, the yuan, happened on Thursday. Not over the weekend, when all markets would have been closed, but just an hour before the US market opens. Subtle.
The amount of the revaluation, 2 per cent, was of a magnitude that would not affect the price of anything, let alone tomatoes.
Estimates of the undervaluation of the yuan ranged from about 10-15 per cent to about 40-60 per cent. …
