In the first week of 2017, the offshore yuan surged by a record amount against the U.S. dollar over two days, interbank borrowing costs soared and volatility intensified. The following week, pretty much everything reversed. It’s a familiar pattern that exemplifies the contradictions bedeviling China’s currency. Policy makers have expended much effort trying to internationalize the yuan, notably by ...

  For Morgan Stanley’s wannabe shareholders, this may be your time to pounce. The New York bank’s shares fell as much as 3.3 percent on Tuesday, despite a string of good news: Earnings per share blew past analysts’ estimates as Morgan Stanley posted its highest fourth-quarter profit since 2006 and record annual revenue. Those feats were made possible by a ...

  Britain’s National Health Service (NHS) needs urgent treatment. Cuts to the social services budget mean hospital wards are clogged with people who could probably be cared for at lower cost elsewhere, especially the elderly in need of social care rather than medical treatment. Staff are stretched to the limits. The situation is already critical and the government’s published plans ...