Where there's smoke there's fire. This will come as no surprise to my regular readers as I alluded to President Nicolas Sarkozy's intentions back in my late August post, Sarkozy looks to limit exchange rate swings. Leave it to the French to put a stop to America's party - French president Charles de Gaulle caused U.S. President Richard Nixon to close the gold window, effectively killing the Bretton Woods currency system in 1971. China's desire to engage in a currency axis away from the US is no secret. In fact they have taken steps to make the renminbi an invoicing currency.
Read the denial in Blomberg here.
Read the no BS version at ZeroHedge here.
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