China ends (sort of) Yuan dollar peg.
The People's Bank of China announced that it has formally ended its peg of the Yuan against the US dollar. Instead, it will be fixed within a narrow band against a basket of currencies
(PBC statement here)
. Interestingly, the PBC declined to provide details of this new scheme, including which currencies are in the new basket. A slow move away from being tied to the pathological US economy? What are the implications for the US's ability to maintain enormous trade and budget deficits? Already, this has relaxed the pressure on other Asian economies to keep their currencies low (by buying US dollars and securities). Congressmen
may have been raging against "unfair Chinese trading practices", but we may yet get nostalgic for the days when the world financed the US's prolifigate ways.
posted by bumpkin
on Jul 21, 2005 -
I really don't see the point in beenz
, the so-called Web currency. It seems like a banal attempt to make sites sticky through the same old crap.
posted by tdecius
on Sep 26, 1999 -