China to keep yuan weak

[Guest Tony n Terrific]

Beijing made the move as the global financial crisis hit key export markets for Chinese-made goods, triggering the loss of more than 20 million jobs in factories across the country and putting the brakes on economic growth.

 

 

 

http://news.yahoo.com/s/afp/20091025/bs_af..._20091025042950

[GDBILL]

Beijing made the move as the global financial crisis hit key export markets for Chinese-made goods, triggering the loss of more than 20 million jobs in factories across the country and putting the brakes on economic growth.

 

 

 

http://news.yahoo.com/s/afp/20091025/bs_af..._20091025042950

 

 

Interesting article.

[whome?]

Here is a link to exchange rates so you can verify the peg starting in July 2008.

 

http://www.x-rates.com/d/CNY/USD/hist2008.html

 

This article and the thinking is why it always makes me laugh to hear the Chinese government complain about the US on any free trade issues (such as the Chinese tires). They act so indignant when in fact they are more guilty of protectionism than anybody else in the world.

 

Of course we cant say to much since they own so much of our debt.

 

This also goes to show, as we were discussing in the other now locked thread, that the chinese government certainly feels that exports are a very, if not the most, important part of their economy.

[Stepbrow]

It's a good thing if you are going to China. If the Yuan was allowed to strengthen, your costs for hotel, meals, taxi, etc. would be more.

[Guest Tony n Terrific]

It's a good thing if you are going to China. If the Yuan was allowed to strengthen, your costs for hotel, meals, taxi, etc. would be more.

The dollar vs the Euro has lost 21% of its purchasing power in less then a year. Vs the yuan it took 3 years to achieve this.

[Bill and Linda]

It's a good thing if you are going to China. If the Yuan was allowed to strengthen, your costs for hotel, meals, taxi, etc. would be more.

Also important for those of us retired here permanently, dependent on Uncle Sam's Social Security.