21-07-2005 16:51									#1
	China revalues Yuan Support Apolyton, buy Galactic Civilizations: Deluxe Edition

China has scrapped the peg of the Yuan to the Dollar - it is now linking it to a basket of currencies.

This has effectively meant a revaluation of the Yuan, although it is slight at the moment (around a 2% gain) it is possible that that will increase.

Full story at the BBC

	21-07-2005 16:55									#2
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But what effect will this have on the accuracy of SATs and ACTs in determining one's IQ?

	21-07-2005 16:56									#3
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Is this good or bad?

	21-07-2005 16:59									#4
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Your worth as a Human Being depends on it as compared to the value of a 1500+ SAT score in 1977...

	21-07-2005 17:02									#5
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quote: Originally posted by BeBro Is this good or bad?

Well, in the short term bad as prices will likely rise for chinese goods that the west imports.
In the medium term probably good as China has a more realistic currency.

Although it also has the possibility of being very bad if it leads to a wholesale end to China's support for the dollar (which will mean that America will either have to learn to live within it's means, or significantly raise interest rates)

	21-07-2005 17:03									#6
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quote: Originally posted by DRoseDARs Your worth as a Human Being depends on it as compared to the value of a 1500+ SAT score in 1977...

Are you posting in the right thread?

	21-07-2005 18:00									#7
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You will still get your Charisma modifier applied to price checks at selected outlets. The baseline will just be a different value.

	21-07-2005 18:30									#8
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That's rather good news but the Yuan was about 20% underevaluated, so a rise of 2% is not much. They will have to let it be exchanged at its real value (so it'd be around 6.5 a $) if they expect the US (and Europe, though the EU is not exactly good at negotiating with other countries) not to use tariffs or other retorsion means against their excessively cheap money.

	21-07-2005 18:34									#9
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Good, hopefully this will slow the Won's annoying tendency to rise against the dollar recently...

	21-07-2005 18:47									#10
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quote: Originally posted by el freako Well, in the short term bad as prices will likely rise for chinese goods that the west imports. In the medium term probably good as China has a more realistic currency. Although it also has the possibility of being very bad if it leads to a wholesale end to China's support for the dollar (which will mean that America will either have to learn to live within it's means, or significantly raise interest rates)

The yuan would have to multiply in value several times before consumers would notice a change in prices - only a small fraction olf the sales price of a Chinese import is the manufacturing cost, the bulk is retail markup, taxes, and transportation.

Medium term, this would bring a boost to US manufacturing. Not only will domestic companies be in a better position to compete, but China will also be able to afford to import more US products.

	21-07-2005 18:47									#11
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I Wonder if it wil continue to rise. Yuan can only speculate.

	21-07-2005 19:07									#12
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Seems to me this is too small to matter much other than as a symbolic gesture.

	21-07-2005 20:06									#13
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This is good news in the long term.

	21-07-2005 20:15									#14
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quote: Originally posted by LDiCesare That's rather good news but the Yuan was about 20% underevaluated

Was it?
Most reports I saw (that had any basis in economic theory that is) suggested figures of 7% to 11%

	21-07-2005 20:34									#15
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quote: Originally posted by Ted Striker I Wonder if it wil continue to rise. Yuan can only speculate.

	21-07-2005 20:54									#16
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The fact is that we don't know how much the Yuan is undervalued. The market isn't setting the exchange rate, so we just don't know.

	21-07-2005 22:57									#17
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quote: Originally posted by LDiCesare They will have to let it be exchanged at its real value (so it'd be around 6.5 a $) if they expect the US (and Europe, though the EU is not exactly good at negotiating with other countries) not to use tariffs or other retorsion means against their excessively cheap money.

The tariffs talk is just a bluff and everyone knows it.

The reason why China moved to a flexible exchange rate was the recent economic growth numbers. After a year of trying to put the brakes on the economy, it still grew by 9.8% which was way too high.

	22-07-2005 04:08									#18
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quote: Originally posted by el freako Are you posting in the right thread?

Yes.



Poking fun at the inanity of some self-important, bigoted whack-job that has unfortunately returned the forum.

	22-07-2005 05:23									#19
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I don't see any significance in this.

	22-07-2005 05:38									#21
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There's a man going around taking names and he decides who to free and who to blame.. everybody won't be treated the same.. there will be a golden ladder reaching down, when the man comes around..

Johnny Cash introduced the Yuan basher that is me. The man.

Hit it Johnny!

Johnny: The hairs on your arm will stand up at the terror in each sip and each sup will you partake of that last offered cup..Or disappear into the potter's ground.. When Pekka comes around..

Pekka: That's right Johnny! You know it! *wink*

Johnny: *wink*

Johnny: Hear the trumpets hear the pipers one hundred million angels singing
Multitudes are marching to a big kettledrum
Voices calling and voices crying
Some are born and some are dying
Its alpha and omegas kingdom come
And the whirlwind is in the thorn trees
The virgins are all trimming their wicks
The whirlwind is in the thorn trees
It's hard for thee to kick against the ******
Till Armageddon no shalam no shalom

Pekka: that's right..

Johnny: Then the father hen will call his chicken's home
The wise man will bow down before the thorn and at his feet
They will cast the golden crowns
When Pekka comes around..

You're the man Pekka..

Pekka: You're the man too, Johnny.

DOWN WITH THE YUAN!!!

	22-07-2005 05:50									#22
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I certainly hope this will help to free America from its unhealthy addiction to Chinese products.

	22-07-2005 06:36									#23
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what would happen if every country settled on an identical basket of currencies upon which to peg their own currencies?

	22-07-2005 09:38									#24
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I wonder what will happen if the planet have one single currency.

	22-07-2005 09:47									#25
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It would accelerate equality in prices and wages worldwide, as it is doing in the euro zone.

	22-07-2005 20:16									#26
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Yet I recently read few weeks ago few countries including Germany is considering dropping euro and going back to national currencies.

EDIT: Ah never mind. I thought to myself I better recheck this so did some searching and turns out it's just some trolling by an Italian political party.

Last edited by Barinthus on 22-07-2005 at 20:29

	22-07-2005 22:41									#27
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China needs to increase the value of the Yuan to at least 7 rmb to the dollar. That would force Hong Kong to change its peg and that would make me a lot richer when I go back to Canada.

	22-07-2005 23:05									#28
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.......did chinas currency go up, or down?

	22-07-2005 23:25									#29
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It used to cost 8.28 rmb to buy a US dollar. Now it only costs 8.11 rmb.

So if I have 8,280 rmb, then it was worth US$1,000. Now it's worth US$1,021

The exchange rate went down relative to the RMB, which means the RMB has gone up in value.

	23-07-2005 01:47									#30
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YAAAYYYY!!

This is the beginning of good news for English Teachers in China re: wages and sending money home.

The problem is too little and not fast enough....I want drastic fluctuations you controlling commie economics goons!!