April 1, 2010 Leave a comment
BECKLEY— Upon reading an article in the New York Times I was dumbfounded. The article titled “China Visit May Signal Easing by China on Currency” must have been an April Fools joke. Simply the article states the following:
The number hovers around 6.827. It is the nearly fixed rate of exchange between China’s currency, the renminbi, and the United States dollar. And members of Congress say it is proof that Beijing manipulates its currency to keep its exports cheap — at the expense of American exports and jobs.
They want the government to label China a currency “manipulator,” which would allow Washington to retaliate against China economically.
This is pure lunacy. Read more of this post