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What did we learn at the US-China Dialogue?

Markets have reined in even further their expectations of renminbi appreciation and are now pricing in a meagre 0.6% gain against the dollar over the next 12 months. That is surely too little. Indeed, the fact that the US side chose to sidestep the issue of the currency during its two-day Dialogue with China suggests that it still thinks China is set to resume currency reform in the not-too-distant future.

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