Author: abramicus

WHAT REASON FOR PBOC TO KEEP THE YUAN AT 6.20 CNY/USD?   [Copy link] 中文

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Post time 2015-8-15 10:35:04 |Display all floors
Joseph Stiglitz, Nobel Prize laureate in Economics, warned the world, including China, about the dangers of following IMF prescriptions.

The only difference is that China is saying IMF is pro-China, and that being included in its basket of reserve currencies upon which the value of the IMF's XDR is based, allowing China to partake of 0.24% of the world's reserve currency total through the XDR, is worth the loss of 400 billion USD in its foreign currency reserve, and the forfeiture of another 300 billion USD in lost export revenues, plus the saddling of China with 3 trillion dollars of foreign debt.

You don't need a degree in economics to know that this fairy tale about winning the reserve currency status in the IMF basket with a trillion dollars of loss to the country is FOR THE BIRDS.

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