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Finally, the Big Event: China Revalues

…19:00 hours of July 21, 2005. The foreign exchange designated banks may since adjust quotations of foreign currencies to their customers. 4. The daily trading price of the US dollar…

…paragraph from the text of the communiqué: We reaffirm that exchange rates should reflect economic fundamentals. Excess volatility and disorderly movements in exchange rates are undesirable for economic growth. We…

Non-borrowered reserves

Naked Capitalism has some thoughts and links regarding the negative non-borrowed reserves entering negative numbers. It is too long for me to post easily. Perhaps someone could summarize?…