HenryTo
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Joined: 06 Aug 2004
Posts: 11743
Location: Los Angeles, California
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 Posted: Fri Jul 15, 2005 7:55 am Post subject: U.S. sees China yuan revaluation in August, |
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This just in from marketwatch.com. The US$/RMB forward is now trading at a >5% premium on the news. FWIW, I still don't think the RMB/US$ trade is a "sure bet." We will discuss this in more detail in this weekend's commentary:
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6:26am 07/15/05
U.S. sees China yuan revaluation in August, FT reports By Abby Deveney
LONDON (MarketWatch) -- The Bush administration has told key Senators that it expects China to revalue its currency in August ahead of a planned visit to Washington by President Hu Jintao in September, the Financial Times reported, citing people familiar with the matter. Senators Charles Schumer and Lindsey Graham, co-sponsors of a bill that would impose a 27.5% tariff on Chinese imports, agreed to delay a vote on their bill after receiving what they regarded as an assurance that China will move on its currency next month, the FT reported. In a June meeting attended by Alan Greenspan, Federal Reserve chairman, John Snow, Treasury secretary, told the senators that he believed China would allow the value of the yuan to increase against the dollar in August, the people familiar with the discussion said. |
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