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Strategies & Market Trends : Currencies and the Global Capital Markets -- Ignore unavailable to you. Want to Upgrade?

To: Oeconomicus who wrote (201)	6/9/1998 11:32:00 PM
From: Henry Volquardsen	Read Replies (1) \| Respond to of 3536

Hi Bob, We had some comments today from the Chinese that were somewhat ominous. They repeated their desire to not devalue however they were very critical of the Japanese 'allowing' the yen to weaken. They very pointedly indicated that it might be damaging the competitiveness of the Chinese economy. The implication was that if the Japanese try to use currency depreciation for trade advantage they will respond. The Chinese will not be the only Asian currency not to depreciate. As far as what level Asian investors sell out of dollar assets. I don't believe it is a currency level question. The Asians will not really switch out of the dollar and Europe until the Asian economies provide with realistic investment opportunities. Right now there is very little in obvious investment opportunities in Asia. There are some not to obvious but it is probably still a bit premature. FWIW I think next stop for dollar/yen will be 150-155. Henry