Chinese Renminbi (RMB) dropped below 7.90 against the dollar yesterday due to speculation that the government will soon expand the band within which the currency is allowed to fluctuate. The rate was fixed at 8.28 from 1994 until July 21, 2005. It has been slowly appreciating against the dollar ever since. Some economists predict it will appreciate up to 6.5. The US continues to put pressure on China. My Senator Chuck Schumer & South Carolina Senator Lindsey Graham continue to back legislation "encourage" China to allow the currency to appreciate faster.
Saturday, September 30, 2006
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