Posted on 06/19/2010 3:09:06 PM PDT by DukeBillie
President Barack Obama welcomed Saturday's news that China's central bank will allow its national currency to float ahead of the G-20 summit in Toronto, Canada, next week.
In a statement issued Saturday, Obama praised China's decision to increase the flexibility of its exchange rate, which officials hope will help balance China's trade deficit with the United States and Europe.
"China's decision to increase the flexibility ... is a constructive step that can help safeguard the recovery and contribute to a more balanced global economy," the president said in the statement.
(Excerpt) Read more at cnn.com ...
Previously it was tied to the dollar because there was a residual Chinese perception that the supply of US dollars was SOMEHOW scarce. In this way, the yuan would also somehow STAND for something.
By floating their currency, they’re stating they understand that the USA is out of control.
It’s like saying that you view someone clapping your scrotum between two bricks is A GOOD THING.
Hey, uh....that’s not good.
This means the move is continuing to collapse all world economies to install a one world currency???
This is not a positive development.
ROFL
Yeah, and the moron in the WH can't see that.
This is what US workers and factories have been asking for. The Yuan will rise and goods from China will become more expensive. That will help make US manufacturers more competitive. The downside is that domestic demand in China for raw materials and goods will rise..feeding higher prices for those.
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