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I'm Sorry But World Cup Soccer is Boring!
at 2006-07-09 19:42:59
I’m sitting here trying to watch the World Cup Final and I just don’t see what all the excitement is about. They just finished up regulation which is 90 minutes and the score is 1-1! It’s about as exciting as watching mold grow on cheese.
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Update on the Renminbi
at 2006-07-09 19:42:58
One year non-deliverable forward (NDF) contracts on the renminbi were pricing in a further 6% rise from today’s level of 8.11 to the dollar. The offshore NDF contracts had the renminbi at 7.64. (For more on NDF’s, see this previous post.)The Malaysian ringgit, the other currency to follow China’s move away from a hard peg and towards a managed float based on a basket of currencies, also saw
Hot Money and the Renminbi
at 2006-07-09 19:42:58
Now that we’ve had a week and a half to see China’s new exchange rate regime in action, several features of the new regime are becoming clearer. First, while the political ramifications of the move seem clever – the PBoC took a bit of the steam out of the protectionist sentiments on the floor of the US Congress, and it marked the first time that other Asian currencies (the Yen, Won and Ringgit,
Glimmers of a Post Bretton Woods II World
at 2006-07-09 19:42:58
Asian economists and central bankers do not get as much coverage in the American press as they deserve. For all the hand wringing over the implications of America’s twin current account and trade deficits, perhaps the fundamental point to be made is that when it comes time for an adjustment, the decisions as to the scope, speed and magnitude of the adjustment will come from Asia, not the US.
Offshoring the Dollar
at 2006-07-09 19:42:58
With oil breaking the $70 per barrel threshold last week, and exports from China and the rest of Asia rising steadily, what is happening to all those petro and textile dollars being earned overseas?
The US current account deficit is on track to top $800 billion this year, but as it continues its inexorable rise, the deficit’s effects on international financial markets have not played out as
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