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The Chinese are now saying that they don’t see more revisions to their yuan policy. I have to say that I’m very skeptical. The fact is that China now has a lot more flexibility in managing the yuan. They bought themselves some time, but the monetary realities are still the same. Our Treasury debt just doesn’t pay very much. If I had to guess, I’d say that this is an empty gesture to prevent yuan speculation. Good luck.

Posted by edelfenbein at July 23, 2005 9:31 PM