I’ll make this quick, since I’ve written this same post twice a year for the past several years. Prior to the release of the US Treasury report on international currencies, there is always a lot of hemming and hawing, hand wringing, threats, denunciations, etc. You know, the usual.†Then the report comes out, and also as usual, the US complains about the RMB yet doesn’t go so far as to label China a currency manipulator.
Well, it happened again late Friday, prior to the Memorial Day holiday weekend. This was designed to ensure that the story received as little press attention as possible.†If you missed it, don’t worry. Here’s a Reuters piece. You can also always wait another six months and catch the exact same story repeated again. We now return you to your regularly scheduled programming.