January 24, 2009

Bulls Enter China Shop

WSJ: Geitner accuses China on Thursday of "manipulating" its currency, a sharp rhetorical break from the Bush administration's approach to Beijing's controversial exchange-rate policy...

Bloomberg: China's propaganda machine responds: "China has never tried to gain advantage in international trade by manipulating its currency".

Ah, OK, now I get it. Maybe China's state banks are just run by a bunch of coin collectors who have built the world's largest $2T US currency collection because of its own intrinsic art value. It has got nothing to do with manipulating exchange rates. Maybe I should start my own RMB collection here in the States. Oh, wait....

Posted by David at January 24, 2009 03:53 AM
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