Local sources suggest that Chinese exports have experienced a sudden collapse. This may explain last week’s inter-day weakness in the renminbi. But the case for a sustained depreciation is still poor.

A sizeable depreciation of the renminbi against the dollar would be provocative during a global slump and might do little to help China’s economy.

With credit quotas lifted, China’s aggressive rate cuts today should ensure that the flow of credit to the economy is sustained. But the government’s hopes that the banking sector will finance much of...

The quiet lifting of credit quotas, confirmed in Chinese media over the weekend, is arguably the most significant step taken so far by the authorities as they attempt to limit China’s economic...