It looks as though we’ll be hitting the magical 7 RMB/$1 mark sooner rather than later. News from China’s Central bank this afternoon that the the dollar is down to a record low of 7.196 RMB. (For those Europeans gloating out there at the Americans’ misfortune, the Euro also fell to 10.56 RMB.)
Belt-tightening all around.
This is great, like I’m getting a raise every day I work here…
Shaan,
Of course if your grant money and salary is paid in US$ like me, then…not so much.
Whoulda thunk it 20 years ago–I’d rather be paid in RMB than in US dollars?