Monday, June 21, 2010
Phil Flynn: The Dollar Drops While China Rocks
The Wall Street Journal says that China’s central bank's statement Saturday came as a surprise and effectively marked the end of currency's de-facto peg to the U.S. dollar. It has been seen as a clear signal that China will let the yuan resume a gradual rise against the U.S. dollar after nearly two years of being effectively pegged around CNY6.83 to the U.S. dollar. Property developers were among the biggest gainers, as a stronger yuan would attract fund inflows and strengthen demand for real estate in China.....Read the entire article.
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