News. (Reuters) - China's yuan hit a five-year peak on Monday after Beijing suddenly relaxed controls ahead of this weekend's G20 summit, sparking stock gains around the world and questions about just how far China's new currency flexibility would go.
My point. What I find fascinating about the story of the renminbi revaluation is that the dollar strengthened at 2:43pm est and GLD sharply lower.
It would interesting to see the yuan devaluing because China is in the midst of an economic slowdown with the housing sector particularly weak.
The populist press believes just about anything.
George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked Top Market Timer in 2009 and 2010 by Timer Digest
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