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It’s time to stop betting on a wimpy yuan

China’s latest inflation data offer something for everyone. Economists fretting runaway global costs are alarmed by the 8.3% jump in producer prices in March from a year earlier.

Those in the “inflation-risks-are-manageable” camp focus on the milder 1.5% rise in consumer prices.

The truth, as is often the case, lies somewhere in the middle. Yet the risks are increasingly skewed to the upside.