China is accelerating the yuan’s appreciation as part of the “grand bargain” to win U.S. support for Beijing to gain a bigger say at the International Monetary Fund, says Goldman Sachs Asset Management’s Jim O’Neill.
China’s yuan, known as the renminbi, reached the strongest level against the dollar since 1993 ahead of a Group of 20 leaders meeting this week in Seoul. The gain came after the IMF’s executive board approved a plan that would make China the third-strongest member in the organization, a position described by the fund’s chief Dominique Strauss-Kahn as allowing Beijing to take more “responsibility” in the global economy.
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