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China cuts currency link to US dollar

China cuts currency link to US dollar


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China cuts currency link to US dollar

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Old 07-21-2005, 3:45 PM
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China cuts currency link to US dollar
Interesting
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Old 07-21-2005, 6:39 PM
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Re: China cuts currency link to US dollar
But will they really do it...

And if they do...how long til the American consumer starts crying about the high cost of Chinese goods at WalMart...
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Old 07-21-2005, 6:44 PM
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Re: China cuts currency link to US dollar
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Originally Posted by Baketech
But will they really do it...
Sounds like they already did it.

I bet the price of Chuck Taylors will skyrocket again.
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Old 07-21-2005, 6:53 PM
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Re: China cuts currency link to US dollar
Yeah, sounds done. Interesting. Sucky too, last thing in the world I want to see is mortgage rates go up in the next few months.
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Old 07-22-2005, 3:00 AM
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Re: China cuts currency link to US dollar
Hmmmmm.....POP!
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Old 07-22-2005, 4:44 AM
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Re: China cuts currency link to US dollar
The US dollar had risen 11% over the last few months, and the change is more to a basket (unspecified) of currencies from a dollar peg than a re-or de-valuation. So if the dollar rises against the yen, for example, the yuan will fall against the dollar.

Don't let the words in the press take you in.

The biggest effect is that China no longer has to focus on buying US Treasury bonds and dollar reserves quite so much.

Oh, and this takes the pressure of the Chinese and hopefully stops the protectionist pressures in the US and Europe for a while.
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