Glenn Ashmore wrote:
This was just eye wash to let the Shrub claim he is doing something. A 2%
adjustment when the RMB is 30% to 40% undervalued will not mean anything at
all. Now that it is pegged to a bundle of currencies the US$ would have to
crash before it would make any difference. Which may happen. With the
deficits we have been running the dollar has already lost 30% of its value
against the Euro and the Pound. Before the Shrub's tax cut one Euro was
worth $1.17. Today it is worth $0.82. For the RMB to be at its proper
value the US$ would have to drop to $0.50 against the Euro.



You'ver got you rnumber wrong.

Abrasha
http://www.abrasha.com