I think you could draw the parallel to Singapore and the MAS when they decided to allow the SGD free float within in bands. And look at that economic miracle. I believe China has borrowed immensely from that economic playbook. A view which partially shaped some of your comments in the past.

David Fuller's view

Yes, although that was when the brilliant Lee Kuan Yew was still alive and actively engaged in government.  There was no better mentor for China, which will follow its own path.  Hopefully, the world’s second largest economy will become an enlightened superpower, but it may not do what we expect, let alone want. 

Please note: There are two other emails which have subsequently been added to Friday’s Comment of the Day.     

Please note: Eoin is away until Wednesday.