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Non-Tech : Lumacom Chronicles - a study of mania and madness
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To: ild who wrote (82)11/8/2003 12:27:05 AM
From: TobagoJack  Read Replies (1) of 113
 
Hello ild, I do not whether I said that exactly in that way, but I think/believe:

(a) Mainland Chinese hold less USD (in % of savings) than Hong Kong and Taiwan Chinese do;

(b) Chinese of all varieties are getting more comfortable with the act of diversifying away from the USD;

(c) OTOH, should the RMB be floated against USD/Euro/Yen, I can imagine Mainland Chinese converting their RMB and raise their relative underweight position in USD because the mainland government can print currency as ably as any other government and may have even more reasons to do so;

(d) So, the US officialdom is not actually or should not wish for a floating RMB, but a RMB repegged at higher level, which is not exactly in line with the nonsense coming out of Washington about market-determined rate for USD; because if the market were to determine USD/RMB rate, the RMB can easily fall.

Chugs, Jay
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