Bond Outlook [by bridport & cie, April 5th 2006]
Fault line II, the Chinese support of the USD or withdrawal thereof, was strongly highlighted this week. It sufficed for a Chinese parliamentarian, with no official policy making authority, to muse publicly on reducing USD support for the dollar to decline against the EUR. We would suppose that such speeches are rigorously planned and authorised in a country not strong on freedom of expression, and that they are part of the controlled weakening of the USD being orchestrated by the Chinese Government. |
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