Chariots
November 23rd, 2007, 10:28 AM
http://biz.yahoo.com/ap/071123/asia_dollar.html?.v=1
Notice the bottom of the article:
Meanwhile, the People's Bank of China set the dollar/yuan central parity, the rate around which it lets the tightly controlled pair move, below 7.4 for the first time, at 7.3992 yuan to the dollar.
Beijing has been letting the yuan rise steadily against the dollar since it abandoned its dollar peg and revalued the yuan in 2005. The Chinese currency's appreciation has accelerated over the past six weeks.
We may not have to worry about China's products. Soon they will be expensive due to a rising yuan and a falling dollar.
Notice the bottom of the article:
Meanwhile, the People's Bank of China set the dollar/yuan central parity, the rate around which it lets the tightly controlled pair move, below 7.4 for the first time, at 7.3992 yuan to the dollar.
Beijing has been letting the yuan rise steadily against the dollar since it abandoned its dollar peg and revalued the yuan in 2005. The Chinese currency's appreciation has accelerated over the past six weeks.
We may not have to worry about China's products. Soon they will be expensive due to a rising yuan and a falling dollar.