Covid-19’s first victim continues to recover, with structural measures increasing the economy’s robustness and boosting its currency. That is not without risks, however. Lately, the People’s Bank of China (PBoC) has been valiantly trying to slow down the appreciation of its currency, the renminbi, vs. the U.S. dollar. In part by trying to encourage capital outflows. “That will not be easy,” argues Elke Speidel-Walz, our Chief Economist for Emerging Markets.