Tim Geithner, awaiting confirmation as the next US Treasury secretary, says China is manipulating its currency. It has such deep foreign reserves that it is capable of doing so. More or less every other leading economy must envy the Chinese.
Last year’s unprecedented shifts in forex markets have brought many countries to the point of attempting intervention.
Russia announced that the rouble, down 30 per cent since July, will be allowed to drop another 10 per cent against the dollar. Then it will try to bring the devaluation to an end.
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