See what's driving the bid and ask in the forex market with the daily "Morning Currency Wrap". Keep up to date with the geopolitical events that are on a trader's mind. Learn about the current trading themes and occasionally pick up a trade call.
Friday, October 15, 2010
墳數字的第一個製造者 - Translation, someone who has set a bad precedent
The United States fired the first shot in the currency war and the rest of the world must be on guard for its deliberate strategy to devalue the USD , a Chinese economist said in an official newspaper on Thursday. Li Xiangyang, a director at the Chinese Academy of Social Sciences, a leading government think tank, accused America of being "the first maker of tomb figures" a phrase which in Chinese translates as someone who has set a bad precedent. "The USD's depreciation appears to be market-driven," Li wrote in the People's Daily newspaper. "In reality, it is a depreciation coloured by very strong, deliberate actions." "The motives were plain enough. Without a weaker USD, the United States would have no hope of meeting President Barack Obama's goal to double exports in five years", Li said. Read more here.
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