the visible hand

it is the theory which decides what can be observed – einstein

Beijing studies severing dollar peg

Posted by ecoshift on March 8, 2010

FT.com / China / Economy & Trade –
Beijing studies severing dollar peg
By Geoff Dyer in Beijing
Published: March 6 2010

China’s central bank chief laid the groundwork for an appreciation of the renminbi at the weekend when he described the current dollar peg as temporary, striking a more emollient tone after months of tough opposition in Beijing to a shift in exchange rate policy.

Zhou Xiaochuan, governor of the People’s Bank of China, gave the strongest hint yet from a senior official that China would abandon the unofficial dollar peg, in place since mid-2008. He said it was a “special” policy to weather the financial crisis.

“This is a part of our package of policies for dealing with the global financial crisis. Sooner or later, we will exit the policies.”

read more…

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