Sunday, July 24, 2005
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- M1
- DISCLAIMER: (yeah I'm dude in middle) The goal of my blog is to inform and educate,not to advise specific action.The content on this site is provided without any warranty, express or implied. All opinions expressed on this site are mine or authored by others with links and or credit given... and may contain errors or omissions. NO MATERIAL HERE CONSTITUTES "INVESTMENT ADVICE" NOR IS IT A RECOMMENDATION TO BUY OR SELL ANY FINANICAL INSTRUMENT, INCLUDING BUT NOT LIMITED TO STOCKS, OPTIONS, BONDS OR FUTURES.
2 comments:
What's in the Bag?
by movermike
You know that the Chinese floated the Yuan, and from now on, the Yuan will float against a basket of currencies. The odd thing is that our major financial institutions think they know what's in the bag, but judging by their answers, they don't!
In Why is "BASKET" of currency for Chinese a mystery? at CONTRARIAN ADVISOR MARKET COMMENTARY, here are some of the possible answers courtesy of Reuters:
DRESDNER KLEINWORT WASSERSTEIN - 70 percent dollar share and 15 percent each for euro and Japanese yen
UBS - 70 percent share, the Japanese yen a 20 percent share and the euro a 10 percent share
BANK OF NEW YORK - the euro, yen and the dollar would be given an equal weighting of 20 percent each and the Korean won and Taiwan dollar would have 10 percent each.
There are many more estimates, but you get the drift.
The question again is why the mystery?
Mike,
No mystery really, it was all for the press, and the BUshites come out in praise.
Chinese PREZ coming here in Sept, this paves way even if we know it was meaningless gesture...one day maybe it won't be
D
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