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Between a Rock and FX

China's regulators like to play it safe when it comes protecting the renminbi--often at the expense of the dollar

By Duncan Wood | Updated on March 01, 2008

The State Administration of Foreign Exchange is China’s currency watchdog. The acronym is perfect: SAFE by name and it would seem by nature as well, zealously scrutinizing any transactions that could erode state control of the renminbi and undermine China’s export-led economic boom. The problem for SAFE is that things are not so safe at the present.

The dollar continues to move south and economic forces have prevented the renminbi from following: In June 2006, one dollar would buy just over eight renminbi.

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