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US FX intervention: What are the chances?
This week’s move above 7.00 in USD/CNY and widespread monetary easing across Asia has provided further fuel to the President’s criticism that the Fed has kept US interest rates too high and the dollar too strong. The term ‘currency wars’ has also made a strong come-back – a term last used as countries were softening their currencies to compete for diminishing external demand after the Global Financial Crisis. We agree with most that China has not devalued its currency this week, but has instead allowed market forces to play a greater role in setting its value. In fact, the US Treasury’s statement ... (full story)
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