TimT

China's Investing in a New Currency... And It Ain't the Dollar

Let's look at all the facts before making a judgement. Yes the Chinese are deliberate, contemplative, and have a long term perspective --they are a remarkable people. But they also have selfish motives just like everyone else. Moreover, they were lobbied for a long time by the developed economies who trade with them to float their currency. Their response was to let their currency trade in a tight range set by them--no real market mechanism there. If they want to play in the world of free market economies then they need to play by free market rules. They didn't float their currency so screw 'em. We devalue our currency and they lose--game over.