| Yuan can only be truly free floating when the RMB is fully convertible into other currencies. This move to 8.11 to the USD is more political to economical - to avoid head on confrontation with the US.
JS, interesting story about what Amazon did to Joyo after their acquisition. I have the same experience years ago when I sold my company. The acquirer brought in a very arrogant US educated MBA hot shot as the Managing Director. This hot shot eventually pushed out most of the senior staff that has been with the company for over 20 years and replaced them with younger recruits. In the process service quality deterioated. To cut a long story short, the hot shot managed to turn a solidly profitable business into a loser. |
RMB Finally Goes Strong