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Politics : Dutch Central Bank Sale Announcement Imminent?
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To: philv who wrote (22440)2/27/2005 4:53:39 PM
From: sea_urchin  Read Replies (2) of 81108
 
Phil > ``It's in nobody's interest for the dollar to fall,' said Jen. ``The Europeans are clear they don't want to see the dollar fall further, so are the Japanese, and now the other Asian countries are saying it.'

A view which Henry Kaufman also holds.

nytimes.com

>>Q. A Chinese official was quoted as saying that his government was not happy with the dollar's weakness. Do you think the Chinese or Japanese could shift their holdings elsewhere?

A. I doubt that very much. Both China and Japan are big exporters to the United States. I believe that the Chinese and Japanese, down deep, realize that if they shifted from the American dollar to the euro, it would endanger their export drive to the United States.

Q. So what is your prognosis for the dollar?

A. I think there is going to be reasonable stability with occasionally a little bit of a give in the value of the dollar.

Q. Do you think a decline in the value of the dollar sharply stimulates our exports?

A. I do not. It takes much longer this time around for the decline in the dollar to have a significant impact on our trade. It involves a number of countries such as India and China that provide goods and services to us at a very low labor cost. To turn that around, that will require a really significant decline in the value of the dollar. That's not about to happen.<<
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