For the very first time ever, China has been mentioned directly by the G7, reflecting their increased concern over the past few months.Read More: Dollar Slides as Pressure Increases on China to Revalue- Will it Matter?
G7 calls for Yuan flexibility
Wednesday, April 26, 2006
The G7 Industrialized nations recently called on China to afford the
Yuan increased flexibility. Many pundits likened the comments to similar
exhortations made several years ago (regarding increased Euro
flexibility). After that announcement, the USD declined over 10% against
most major currencies within one year’s time. Will a similar fate
befall the USD this time around? It seems likely, as the G7’s comments
may ultimately pave the way for equally serious words of encouragement
by America’s Treasury Department, in its semiannual currency report. AME
Info reports:
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