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Yuan in the Hong Kong: The Logic

October 20, 2010
One of the surprises of the year has been the increased internationalization of the yuan, even though the capital account has not been liberated and the currency remains tightly managed.
We were skeptical of the significance of the yuan swap lines with other countries, primarily emerging markets. However,, more impressive has been the growth of a y…
Yuan in the Hong Kong: The Logic Yuan in the Hong Kong: The Logic Reviewed by Marc Chandler on October 20, 2010 Rating: 5
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ForexTV: Dollar and Quantitative Easing in Japan ForexTV: Dollar and Quantitative Easing in Japan Reviewed by magonomics on October 20, 2010 Rating: 5
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China Reducing Rare Earth Exports to US?

October 20, 2010
US-China trade tensions have intensified in recent days. At the end of last week, the US began an investigation into whether China is violating international trade rules by subsidizing its clean energy industries. This also involved whether its rare earth export quotas since 2005, with already high export taxes, are illegal.
The NY Times reports t…
China Reducing Rare Earth Exports to US? China Reducing Rare Earth Exports to US? Reviewed by Marc Chandler on October 20, 2010 Rating: 5
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Keeping the Eyes on the Prize

October 20, 2010
The US dollar is trading heavier today as Asia and Europe sold into the strong gains scored in North America yesterday following yesterday’s surprise Chinese rate hike. Of the majors, the euro and Australian dollar are leading the move, but given the magnitude of yesterday’s losses, these gains today are modest.
The dollar’s pullback after Asia in…
Keeping the Eyes on the Prize Keeping the Eyes on the Prize Reviewed by Marc Chandler on October 20, 2010 Rating: 5
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China Surprises with Hike

October 19, 2010
China has surprised the market with a 25 bp hike in the key 1-year deposit and lending rates. With the hike the deposit rate now stands at 2.5%. This is still below the inflation rate, which in Aug was 3.5%. This leave monetary policy very stimulative, even if not as much as previously. The lending rate now stands at 5.56%.
China Surprises with Hike China Surprises with Hike Reviewed by Marc Chandler on October 19, 2010 Rating: 5
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Choppy Correction Unfolding in FX

October 19, 2010
The US dollar is mixed in choppy turnover. The dollar initially saw late yesterday’s Geithner’s anti-devaluation talk inspired gains reverse in early Asia and the euro briefly pushed through the $1.40 level and sterling approached $1.5950.
However, Asian accounts sold into the foreign currency bounce. The better-than-rumored German ZEW survey saw …
Choppy Correction Unfolding in FX Choppy Correction Unfolding in FX Reviewed by Marc Chandler on October 19, 2010 Rating: 5
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A Look at a Half Full Glass

October 18, 2010
Anticipation of QEII in the US remains among the most potent forces in the capital markets. Bernanke's pre-weekend speech and two dovish speeches since--Evans and Rosengren (both voting members of the FOMC).
The case the Fed has built for the public is based on inflation being too low and clearly officials are concerned about the contraction i…
A Look at a Half Full Glass A Look at a Half Full Glass Reviewed by Marc Chandler on October 18, 2010 Rating: 5
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