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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Elroy Jetson who wrote (33980)	7/21/2005 4:47:14 PM
From: mishedlo	Read Replies (1) \| Respond to of 116555

China's new "managed float against a basket of currencies" is far from a free exchange rate against a basket of currencies. In my estimation, all they have done is provide themselves a justification to change the value of their currency as much as they want, when they want. Its the big Grand Opening of absolutely nothing - complete with spotlights and a band. Exactly. I might even quote you in my blog Mish