This is one step along the road of moving away from a dollar peg and moving to a floating basket. This implies China will be accumulating dollars at a slower rate.
More Quotes from John Butler:
There's increasing downside risks to growth and inflation, and that could even result in the European Central Bank cutting rates at some time in the future. Yields have come right down on this.John Butler
It is questionable whether this level of job creation is sustainable as productivity growth remains low, at 1.1 per cent, and the number of vacancies fell sharply in March, down 3 per cent compared to February and over 7 per cent compared to March last year.
John Butler
The story on the activity side is that the recovery is a reflection of better domestic demand, but export orders are contracting at their fastest pace since May. This suggests the UK is still failing to benefit from good global growth.
John Butler
the current level of retirement benefits is unsustainable and will eventually sink the company.
John Butler
The UK industrial sector has remained weak despite fairly robust global growth. Given that, why should the UK manufacturing recovery gather momentum if global growth has peaked and oil prices are squeezing profits and keeping sterling high
John Butler
This provides confirmation that spending over the Christmas period was good, and sits with the evidence of stronger activity in the housing market.
John Butler
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