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China has freed its currency!

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  • China has freed its currency!

    Just heard on the radio this morning, that China has finally unpegged its currency. For those of you that follow international trade, this is huge. The U.S. has been begging them to do it for years. Up until now, China has held its currency artificially low in order to maintain trade dominance.

    Apparently what tipped the scales was oil. China needed to let the value of its currency rise in order to afford the continually higher costs of oil.

    What does everyone think of this?

    Also, what impact do you think this may have on HKDL?

    Unusually and exceedingly peculiar and altogether quite impossible to describe...



  • #2
    Re: China has freed its currency!

    I found this article on it. This should explain some of what I'm getting at.

    Unusually and exceedingly peculiar and altogether quite impossible to describe...


    Comment


    • #3
      Re: China has freed its currency!

      I think it's great...if they're going to be a major player in the world economy, they should value their currency like everyone else does not just on the US Dollar.

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      • #4
        Re: China has freed its currency!

        Just thought of something: while revaluing their currency is good for our export business, it could be REALLY BAD on another front. They had to raise the value to be able to afford oil, right? So now, they can afford MORE oil. With China's increasing demand for oil, we've seen a rapid increase in oil prices. My guess is, with China able to afford more, oil prices are going to rise again.

        We really have to get going on that alternative fuel stuff.

        Unusually and exceedingly peculiar and altogether quite impossible to describe...


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