July 23

A rising Yuan


Now that China has allowed its currency, the Yuan, to float (sort of) against the dollar, it will be interesting to see how the future as predicted by this article written in TCS a month ago will turn out.
It will take a while for things to completely shake out because the Chinese aren’t actually permitting the Yuan to float, but instead are “allowing it to trade within a narrow band against a basket of currencies.”
I’ll be interested to see who is on the money: Paul Krugman, who foresees a full-scale disaster, predicting that such actions “would stop the American economy, the locomotive for the whole world, in its tracks,” or Tim Worstall, the writer of the column, who, far from believing the sky is falling, predicts that the whole affair won’t amount to much more than a blip on the US financial screen.
Given the US financial statistics, my money’s with Tim on this one.

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