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Strategies & Market Trends : Classic TA Workplace

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To: marginmike who wrote (122152)	7/21/2005 9:21:03 AM
From: stkboy1	Read Replies (2) of 209892

You have Chinese contacts?....vbg Good call The Chinese government surprised markets by announcing that the yuan will now allowed to trade in a tight band against a basket of foreign currencies, but did not specify which ones. The government strengthened the yuan to a rate of 8.11 to the dollar, compared to the 8.28 it has been set at for more than a decade, to prepare for the float. The announcement immediately sent the yen higher, with the U.S. dollar falling to 111.33 yen, from over 112 yen just before the news broke and 113.06 in New York late Wednesday.

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