Washington and Beijing Push the Yuan in the Same Direction but for Very Different Reasons

Yuan notes and U.S. dollars seen at a cash exchange. STR/AFP/Getty ImagesCommentaryThe U.S. Treasury has gone on record encouraging Beijing to raise the yuan’s value against the U.S. dollar. The authorities in Beijing, most especially the People’s Bank of China (PBOC), seem willing, indeed eager, to comply with Washington’s wishes. Despite the apparent goodwill and agreement, the two parties are hardly on the same page.