Re: Former HS economist on Growing BRICS
The yuan’s value is set by the diktat of totalitarian dictatorship in China.
Not the market.
Doesn’t exactly inspire trust or confidence .
Liquidity highly suspect.
The Chinese yuan (CNY) is a well known non-convertible currency. The Chinese authorities do not allow convertibility, in part, as a means to facilitate the managed exchange rate of the yuan (the currency peg). Non-convertible currencies are not freely traded in the traditional spot or forward currency markets.