"This is the way the new world begins Not with a bang but a whimper." (With apologies to T S Eliot) The long-awaited change in the Chinese currency, the yuan, happened on Thursday. Not over the weekend, when all markets would have been closed, but just an hour before the US market opens. Subtle. The amount of the revaluation, 2 per cent, was of a magnitude that would not affect the price of anything, let alone …
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showed last 75 words of 905 total
…an expected brilliant fashion, e.g. not let it appreciate much -- say, a fifth of the amount that the yuan revalues. In terms of growth, the timing of the China reval could not have been better: we have been on the verge of attaining our long-held quest of 8 per cent growth for some time. Maybe now we will achieve it, and the left over politicians will not be able to stop it. Souce: rediff