USD/CNY closed Friday at 6.75, compared with 6.75 a week earlier; at unrounded market rates, the pair fell from 6.7515 to 6.7471, meaning the RMB gained about 0.07%. The relative calm matters because it has allowed China to maintain an accommodative monetary policy at home without triggering renewed international pressure on the currency. That suggests policymakers remain wary of allowing the RMB to strengthen too quickly, which would make Chinese exports more expensive overseas. For China, the week has therefore been less about currency strength than currency control. Weak Chinese credit demand would strengthen the case for further monetary support, while US data will help determine whether dollar weakness can continue doing some of Beijing’s currency-management work for it.