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The U.S. is Losing the Currency War

Over the past year, the U.S. dollar has appreciated more than 18%, and in the week of August 10th, China surprised the markets by allowing its currency to depreciate nearly 3% against the dollar, thoroughly roiling the equity markets. The Peoples Bank of China (PBOC) had typically pegged the value of the Chinese currency (RMB) to the dollar. In August, 2014, it took 6.15 RMB to purchase $1; and on …Read More