The Big Question: What is your currency strategy?

 Stewart Cowley, OMAM Global Strategic Bond fund   Own renminbi The recent widening of the band in which the renminbi will be permitted to fluctuate against other currencies is a small but important step in the shift of the global economy from the West to the East. China’s productive capacity has developed exponentially. It is only a matter of time before its currency adjusts. By repressing the exchange rate, China gains in export price competitiveness but loses in importing inflation. The losses are already outweighing the gains and revaluation of the renminbi is the only effecti...