Chinese say they intend to free up their currency

[Stout Hearted Man]

Washington Post Foreign Service

Sunday, June 20, 2010
By Keith B. Richburg and John Pomfret

BEIJING -- Facing growing pressure from around the world, China's central bank announced Saturday that it is prepared to allow the country's currency to float more freely against the dollar and other foreign currencies, potentially raising the cost of Chinese goods.

The statement, from a spokesman for the People's Bank of China, gave no details on when China would allow its currency -- known as the yuan or the renminbi -- to appreciate or by how much. But the timing of its release, just before the leaders of the world's largest economies gather for a G-20 meeting in Toronto, was clearly aimed at taking pressure off Beijing...

...Obama, in a statement, called the announcement "a constructive step that can help safeguard the recovery and contribute to a more balanced global economy." Treasury Secretary Timothy F. Geithner added that "vigorous implementation would make a positive contribution to strong and balanced global growth."

But critics remained skeptical, noting that China has sent signals before about a currency appreciation -- usually ahead of an international meeting or deadline -- and then done nothing. The most recent example came in April, when senior Chinese officials told reporters on the eve of President Hu Jintao's visit to Washington for a nuclear security summit that it was time to allow more flexibility in the currency. Hu attended the summit, and the currency was left unchanged.

"This vague and limited statement of intentions is China's typical response to pressure," said Sen. Charles E. Schumer (D-N.Y.), who has co-authored legislation that would impose tariffs on Chinese goods if the yuan does not appreciate...


http://www.washingtonpost.com/wp-dyn...061901216.html

[Stout Hearted Man]

I didn't realise you had posted it already.

CHINA INDICATES IT WILL ALLOW YUAN TO STRENGTHEN

China has indicated it will allow the Yuan to rise against the Dollar and other western currencies.


http://news.bbc.co.uk/1/hi/business/10358146.stm

[TheZeppyWanderer]

I didn't realise you had posted it already.

No prob, all good stuff.

I just hope that patience has finally run out with the sneaky yellow peril. How many more years are the west powers going to allow themselves to be pushed around like this ?

And make sure it's a SIGNIFICANT step, not a penny ante token gesture.

[panhead]

time to buy yuan folks just a hint here.

don't look for more than a few percent change........just happy to see China has changed monetary policy so the rest of the Asian countries will need to reset their currencies also.

[Stout Hearted Man]

No prob, all good stuff.

I just hope that patience has finally run out with the sneaky yellow peril.
How many more years are the west powers going to allow themselves to be pushed around like this ?

And make sure it's a SIGNIFICANT step, not a penny ante token gesture.

They'll probably try to 'push the envelope' again.

IMO the real problem is that our western leaders today aren't anything to brag about,
the Chinese see this, and of course exploit it.

[TheZeppyWanderer]

gradually gone from 6.83, slowly but surely to 6.82, 6.81, 6.80, 6.79, into the 6.78 range, and just checked XE where it's now showing at 6.77335.

Surely there must be experienced forex-ers out there (maybe lots of 'em) who have made very good money betting on these fractions, decimal placings, call them what you will.