Big News for the Chinese Yuan
The Yuan hit its highest level vs. the dollar:
So who's manipulating what here? In fact, it's manipulation all across the board, all around the world. Everyone's doing it!
Indeed it's just another day in Currency War III (as Jim Rickards explains in his excellent book Currency Wars). Get used to it.
(Read the whole WSJ article by clicking HERE.)
China's yuan briefly hit its highest level against the U.S. dollar since the launch of a modern Chinese currency trading system in 1994.No surprise here. The Chinese want the Yuan to rise against the dollar. Part of their plan is to head Romney off at the pass in case he wins the election. They don't want to give him any excuse to restrict trade with the U.S.:
Republican presidential challenger Mitt Romney has said he would name China a "currency manipulator" if elected.Of course, the U.S. government makes it all easier for China's leaders by manipulating its own currency, i.e., the U.S. dollar lower. That's one of the effects of QE3, a/k/a "QE to Infinity."
So who's manipulating what here? In fact, it's manipulation all across the board, all around the world. Everyone's doing it!
Indeed it's just another day in Currency War III (as Jim Rickards explains in his excellent book Currency Wars). Get used to it.
(Read the whole WSJ article by clicking HERE.)
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