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Float freely, like the USD and Euro? The same two currencies that have been manipulated by at least five major brokerages or banks to benefit not the market but the market makers, who have been fined hundreds of billions of dollars without denting their spreadsheet? China can find the market without using the marketmakers, like the foreign banks and brokerages, or the IMF which still insists China's Yuan is undervalued, when its manufacturing capability is shrinking, it exports has dropped, and its foreign currency reserves are decreasing, it still insists the Yuan is undervalued, to the relief of its cronies in the Chinese banking hierarchy who have been dutifully strangling the Chinese manufacturing sector by 0.001 yuans at a time, keeping the Yuan exchange rate at a mechanical ventilator setting of 6.20 Yuans/Dollar, just enough to make China the SICK MAN OF ASIA AGAIN, worse yet, one dependent on its executioners for every gasp of air they will allow to keep it alive one more day, with cuts in interest rate and reserve ratios that only bring about incremental inflation that will eventually finish off the Chinese people if the manufacturing collapse does not. China can find the market clearing exchange rate like any honest market maker could easily do it, which is to devalue the Yuan until exports and imports rise to a new equilibrium - rise and equilibrate - that is the market price of the Yuan. You don't need seedy brokerages to rig the exchange rate of your own currency and use that as your benchmark. The fixing of the 4 PM Reuter's euro/dollar exchange rate only permitted the customers to be fleeced by the market makers, and is demonstrated to be totally useless as an indicator of the equilibrium point of supply and demand. The "fix" is actually easily manipulated with just a few hundred million dollars and should be junked.|
It just shows that this currency cartel inside China is deeper and wider than just in its central banking system. It will take another Deng to save China from the same policies that will generate same kind of inflation used to stoke the TAMincident.
You weep to see China's economy hogtied like it is right now, waiting for the butcher's coup d'grace.