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Goldman’s O’Neill Says China May Revalue Yuan Soon as Next Week

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Guest


Guest
Here goes Goldman AGAIN!! hope they are RIGHT this time!

Goldman’s O’Neill Says China May Revalue Yuan Soon as Next Week

April 14, 2010, 11:22 AM EDT

By Joshua Goodman


April 14 (Bloomberg) -- Goldman Sachs Group Inc.’s chief global economist Jim O’Neill said China may revalue the yuan by between 2 percent and 5 percent as early as next week.


O’Neill, in an interview, said trading in local currency among Brazil, Russia, India and China--to be discussed at a heads-of-state summit of BRIC nations this week in Brasilia-- won’t work because of China’s use of a dollar peg to manage the value of the yuan.


“It’s all semantics to talk about trade in local currency unless they do what the rest of world wants them to, which is provide more freedom to use those currencies,” O’Neill said in a phone interview from London. “The consequences of Chinese policies are increasingly seen by everyone, including the BRICs.”


To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net

This will be FUN to watch what China will do now that their BRIC group is getting ticked. Really why have the BRIC meeting next week if nothing will get solved BECAUSE OF CHINA!!!!

hagg


i think the RV of the yuan will be a tipping point for the rest of the world, starting in asia. As things begin to float there, the pressure will only increase in Iraq. It has likely already been said, but I thought it bore repeating.

Guest


Guest
hagg wrote:i think the RV of the yuan will be a tipping point for the rest of the world, starting in asia. As things begin to float there, the pressure will only increase in Iraq. It has likely already been said, but I thought it bore repeating.

With singapore going today, I hope tomorrow other asian countries will go, followed by all the middle east. IF and I say a BIG IF singapore is the start of the IMF putting everybody back on the same playing field then everybody will go in a group over a 3 day period, 14, 15th and 16th per history. But per the articles, if other asian countries follow singapore..it will put big time pressure on china. It maybe the only way to finally GET china to do something!! Just my two cents worth, which an't worth much.

littlekracker


too cool ck..thanks for your input...we appreciate it

tickybud


your 2 cents worth means more to me than an million dollars of anyone else's bs on the other sites. Thank you for all your research and hard work....really apppreciate it all.

tickybud

hagg


Apparently, Singapore thinks the same thing I do. I didn't see them coming, mostly because I am not as educated about this part of the world. However, since they have laid down their cards it is time for the rest to follow suit. A country would not make a move like this unless they were sure it was right. Based on what I have read here, I agree with MrsCK. The IMF is pulling the strings it seems like. So, this is all very EXCITING. Now we wait, or continue to wait, as the case may be.

Guest


Guest
Agree Hagg...we wait LOL ...I've been following this world economy stuff a longggggggggg time...think I've read more world economy info then I have iraq news...it is like a HUGE Chess game that just is a blast to watch! and Who is controlling this Chess moves is the mystery of it all. IMF stated in June 2007 that the whole bloody system was out of line....June 2008 IMF said they need to put everybody back on the same playing field....April 2009 IMF got their powers back to do it all!........Can we now be able to say TIMES UP?????????

Rellek

avatar


Hummmm...thanks Singapore! Very Happy

Flattire


Ditto!!!!

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