Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
The Chinese government decided to push down the exchange rate against the US$, when previously they had not been pressing down very hard ... in order to reverse the appreciation against the Euro, ASEAN, Latin American and African currencies. That was a reverse of their policy which was previously prioritizing getting placed into the IMF SDR basket.

That operation requires buying US$ denominated assets.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Thu Aug 27th, 2015 at 10:29:28 AM EST
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