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China devaluation,fears of currency war

Discussion in 'Banking - Investing - Finances' started by DavyL200, Aug 12, 2015.

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  1. DavyL200

    DavyL200 DI Forum Luminary ★ Global Mod ★ ★ Moderator ★ Highly Rated Poster Showcase Reviewer

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    (Updated 8:13 a.m.) SHANGHAI - China shocked global markets on Tuesday by devaluing its currency after a run of poor economic data, a move it billed as a free-market reform but which some experts suspect could be the beginning of a longer-term slide in the exchange rate.

    The devaluation was condemned by US lawmakers from both parties as a grab for an unfair export advantage and could set the stage for testy talks when Chinese President Xi Jinping visits Washington next month given acrimony over issues ranging from cybersecurity to Beijing's territorial ambitions.

    China's central bank set its official guidance rate down nearly 2 percent to 6.2298 yuan per dollar on Tuesday—its lowest point in almost three years—in what it said was a change in methodology to make the currency more responsive to market forces
    - See more at: China devaluation sparks fear of currency war, angers US lawmakers | Money | GMA News Online
     
    DavyL200, Aug 12, 2015
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  2. Jack Peterson

    Jack Peterson DI Forum Luminary Highly Rated Poster SC Connoisseur Veteran Air Force

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    Cash Flow Problem? It normally is, when a county Suddenly Devalue.

    JP :facepalm:
     
    Jack Peterson, Aug 12, 2015
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  3. Hans Boot

    Hans Boot DI Member Restricted Account

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    And another 2% today! This will present a nice little topic for discussion during the upcoming meeting between Obama and his Chinese counterpart.....
     
    Hans Boot, Aug 12, 2015
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  4. Miguel

    Miguel DI Member Restricted Account

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    This is good news. 'cause others follow. Vietnam, Thailand already planning. Hopely PI next with a big one :cigar:
     
    Miguel, Aug 13, 2015
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  5. Jack Peterson

    Jack Peterson DI Forum Luminary Highly Rated Poster SC Connoisseur Veteran Air Force

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    OH! what source was this from Miguel?

    JP:wideyed:
     
    Jack Peterson, Aug 13, 2015
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  6. Hans Boot

    Hans Boot DI Member Restricted Account

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    Why would a devaluation of the Peso be a good thing, Miguel? You realise that all imported goods will become more expensive? Roll backs of gasoline prices will be a thing of the past and transportation fares will go up, but the income of the commuter will stay the same. And that's a good thing???
     
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    Hans Boot, Aug 13, 2015
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  7. Miguel

    Miguel DI Member Restricted Account

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    Because I get more peso with my currency. Already these China news made a nice jump in currency rates (my currencies, that is)
     
    Miguel, Aug 13, 2015
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  8. Jack Peterson

    Jack Peterson DI Forum Luminary Highly Rated Poster SC Connoisseur Veteran Air Force

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    That's OK until the Banko Central puts the cap back on then only the Bank wins again.
    I think we should all be careful what we wish for here "What goes round comes round" & "For every Action" comes to mind. :pompus:

    Just saying.:wink:

    JP :bag: :cigar:
     
    Jack Peterson, Aug 13, 2015
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  9. Hans Boot

    Hans Boot DI Member Restricted Account

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    Ah, I see! The me me me syndrome....
     
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    Hans Boot, Aug 13, 2015
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  10. Miguel

    Miguel DI Member Restricted Account

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    Banko Central has no rule over world currency rates.

    My mouth always comes first :cool:
     
    Miguel, Aug 14, 2015
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