As I mentioned earlier, this will be the case for the quarters to come
http://xlpartners.blogspot.com/2010/08/preoccupation-on-nominal-exchange-rates.html
until we have some serious threat of trade war or maybe actual trade war. This is the single most important threat to the smooth rise of the emerging markets. This is confirmed again with the latest data
http://online.wsj.com/article/SB10001424052748704361504575551811511078860.html?mod=WSJ_hps_LEFTWhatsNews
"The U.S. trade deficit with China grew to $28.04 billion from $25.92 billion in July. Imports from China grew 6.1% to a record $35.29 billion. Meanwhile, exports fell $92 million to $7.25 billion."
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