China Floats the Yuan
From the WSJ,
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China said it will no longer peg its currency to the U.S. dollar but instead will let the yuan float in a tight band against a basket of foreign currencies. The yuan has been strengthened, effective immediately, to a rate of 8.11 yuan to the U.S. dollar -- compared to the 8.28 yuan it has been set at for more than a decade. (emphasis added)At 8:45AM PDT, DJIA is down 63 and interest rates are up 10 ticks to 4.25% on the 10 Year Treasury.
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Posted by movermike on
Thursday July 21, 2005 at 8:48am
