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Good thing we don't get a lot of our products from China…
Oh wait.
Good thing we don't get a lot of our products from China…Oh wait.
The Chinese Yuan doesn't float in value in the currency markets, but is actually coupled to the US dollar, as mandated by the Chinese government. The coupling used to be a rigid 8:1 (Yuan:Dollar), but a year or two ago China allowed the Yuan to be coupled to a "basket" of international currencies that was strongly weighted toward the value of the dollar. Today a dollar will buy 7.42 Yuan, but most economists believe the Yuan would have much greater buying power if China allowed it to be traded freely. (by keeping the Yuan artificially weak, China assures strong markets for its goods abroad)
The Chinese Yuan doesn't float in value in the currency markets, but is actually coupled to the US dollar, as mandated by the Chinese government. The coupling used to be a rigid 8:1 (Yuan:Dollar), but a year or two ago China allowed the Yuan to be coupled to a "basket" of international currencies that was strongly weighted toward the value of the dollar. Today a dollar will buy 7.42 Yuan, but most economists believe the Yuan would have much greater buying power if China allowed it to be traded freely. (by keeping the Yuan artificially weak, China assures strong markets for its goods abroad)
Interesting; Thanks for that info, Anon.
Interesting; Thanks for that info, Anon.