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Loonie Jumps, Thanks to a Hawkish Bank of Canada
I have more of a question than a comment. I wonder if the Bank of Canada has already coordinated its actions with the Federal Reserve, and the "surprise" change of language in Canada will be followed by similar revelations in the US some time this summer (assuming our employment market starts to perform as well as Canada's has). Too much of a gap opening up between the Loonie and the US Dollar would be disruptive for US/Canadian trade, but a coordinated policy would work toward our mutual advantage.
Apr 21, 2010. 03:45 PM
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A BRIC Breakdown?
Why can't China start out with "limited" convertibility of the yuan and gradually step up to full convertibility at a date certain? If tourists, for example could exchange up to $10K of home currencies into yuan at market rates, that could offset the loss of foreign reserves implied by a policy of 1-5% stepped appreciations.
If recent trade figures are any indication, China may start to run chronic trade deficits rather than surpluses in order to raise living standards and bring capital equipment and technology up to world standards for key industries like pharmaceuticals. Those deficits could ease pressure for yuan appreciation and buy China time to enter the convertable world currency market on its own terms.
Apr 21, 2010. 03:40 PM
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