Today’s a new day for Chinese currency.
The New York Times’ web site today (July 21) reports that China, for the first time in a decade, has raised the value of its currency. Apparently this a move toward a more “flexible” exchange rate that the United States and and Europe have been pushing hard for.
I’m no economist. All I remember is some “guns or butter” discussion in my high school economics class, and even that simple discussion went in one ear and right out the other. But this is pretty interesting stuff. The NYT web site has some very good audio on the story. Listen up.