Little seems impossible when it comes to China’s currency—which is part of the problem. In August Beijing surprised investors by abruptly devaluing the yuan to arrest the nation’s slowing economic growth. Short sellers have been circling the yuan as fears about the real strength of the Chinese economy increase, adding to speculation that China could devalue it again in coming weeks or months to boost exports.

And the sharp swings in the currency seen so far this year suggest that authorities have changed the way (paywall) they set the yuan’s rate, which it does each morning at 9:15am.

But again, how the new method works is no clearer to outsiders, who are left with a guessing game. That hardly instills confidence among investors. It also raises questions (paywall) about how far Beijing—which has shown a heavy hand trying to control markets—is willing to move in the direction of market liberalization.

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