China’s two-tier currency system has been a key factor in maintaining exchange-rate stability and supporting its export-driven economy. By operating separate versions of the yuan for domestic and international markets, Beijing retains significant influence over global currency trading. The model is now sparking debate in India, as a chartered accountant contrasts China’s system with India’s more market-driven rupee regime. The comparison highlights the lack of similar mechanisms in India to influence offshore rupee trading, allowing global markets in Singapore, London, and Dubai to play a significant role in determining the rupee’s value. This raises the question of whether India should…
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