OK, I think the beat-up on NZ this week over China & 5-eyes has been completely out of proportion. All it tells us is that Western observers are obsessed with performative, and are missing the substance. The & #39;weak link of the month& #39; should go to Yellen, not Ardern .. . 1/3

China has been ramping up FX intervention through quasi-official channels, while keeping official FX intervention understated. The US Treasury FX report acknowledged this, but gave them a free pass, even though quasi + official FX intervention is hitting all-time highs 2/3

The real CNY against the USD is no higher than it was in 1985. China has tied itself into the USD system, while using the CNY to seek a competitive advantage, and the response of Yellen& #39;s Treasury is to say & #39;fine& #39;. This is the issue of the moment, not NZ& #39;s semantics