It looks as though we’ll be hitting the magical 7 RMB/$1 mark sooner rather than later. News from China’s Central bank this afternoon that the the dollar is down to a record low of 7.196 RMB. (For those Europeans gloating out there at the Americans’ misfortune, the Euro also fell to 10.56 RMB.)
Belt-tightening all around.
2 responses so far ↓
1 Shaan // Jan 28, 2008 at 7:32 pm
This is great, like I’m getting a raise every day I work here…
2 Jeremiah // Jan 28, 2008 at 11:03 pm
Shaan,
Of course if your grant money and salary is paid in US$ like me, then…not so much.
Whoulda thunk it 20 years ago–I’d rather be paid in RMB than in US dollars?
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