{"id":19274,"date":"2016-03-30T10:52:57","date_gmt":"2016-03-30T15:52:57","guid":{"rendered":"http:\/\/olduvai.ca\/?p=19274"},"modified":"2016-03-30T10:52:57","modified_gmt":"2016-03-30T15:52:57","slug":"the-pitfalls-of-currency-manipulation-a-history-of-interventionist-failure","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=19274","title":{"rendered":"The Pitfalls of Currency Manipulation \u2013 A History of Interventionist Failure"},"content":{"rendered":"
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The Pitfalls of Currency Manipulation \u2013 A History of Interventionist Failure\u00a0<\/a><\/h3>\n<\/div>\n
The G-20 and Policy Coordination<\/strong><\/div>\n
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Readers may recall that the last G20 pow-wow (see \u201cThe Gasbag Gabfest<\/a>\u201d for details) featured an uncharacteristic lack of grandiose announcements, a fact we welcomed with great relief. The previously announced \u201c900 plans\u201d which were supposedly going to create \u201ceconomic growth\u201d by government decree seemed to have disappeared into the memory hole. These busybodies deciding to do\u00a0nothing<\/em>, is obviously the best thing that can possibly happen.
\n\"1-USDCNY(Weekly)\"<\/a>Yuan, weekly \u2013 since the sharp move in USDCNY in August, market participants have begun to worry about the yuan and China\u2019s shrinking foreign exchange reserves \u2013 click to enlarge.<\/p>\n

There have been rumors though that they did at least strike some sort of\u00a0sub rosa<\/em>\u00a0agreement with respect to the future course of yuan manipulation. In other words, some kind of policy coordination between China and other major currency issuers has quite possibly been agreed upon, even if only tacitly. Officially, China merely used the occasion to \u201creassure trading partners on foreign exchange<\/a>\u201d:<\/p>\n

\u201cChinese policymakers on Thursday ruled out an imminent devaluation of the yuan as they seek to reassure trading partners ahead of the G20 summit that they can manage market stability while driving structural reforms.\u201d<\/em><\/p><\/blockquote>\n

When global stock markets swooned in late August 2015 and again in January 2016, the decline in the yuan\u2019s exchange rate was widely blamed as the cause.\u00a0 Considering various central bank policy decisions announced since the G20 meeting, it does appear as though a coordinated move aimed at halting the yuan\u2019s slide and support wobbly risk asset prices has been underway.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Pitfalls of Currency Manipulation \u2013 A History of Interventionist Failure\u00a0 The G-20 and Policy Coordination Readers may recall that the last G20 pow-wow (see \u201cThe Gasbag Gabfest\u201d for details) featured an uncharacteristic lack of grandiose announcements, a fact we welcomed with great relief. The previously announced \u201c900 plans\u201d which were supposedly going to create […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[5728,124,125,951,2913,303,305,344,2127,6170,13172],"class_list":["post-19274","post","type-post","status-publish","format-standard","hentry","category-economics","tag-acting-man","tag-central-banks","tag-central-planning","tag-currency","tag-currency-manipulation","tag-fed","tag-federal-reserve","tag-g20","tag-interventionism","tag-pater-tenebrarum","tag-policy-coordination"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19274"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19274\/revisions"}],"predecessor-version":[{"id":19275,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19274\/revisions\/19275"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}