“Chinese President Hu Jintao didn’t mince words: China’s currency will stay where it is. For the second time in less than a year Asia’s No. 2 economy outmaneuvered the world’s biggest on the yuan. Last July, China announced a negligible 2.1 percent increase in its currency’s value versus the dollar. This week Hu, on his first official U.S. visit, didn’t budge amid Bush’s concerns an undervalued yuan is costing the U.S. jobs.” – William Pesek, in a recent editorial for Bloomberg.com
Jim’s Quote of the Day:
