The Financial Times’ John Authurs on last week’s other (besides the US jobs reports) big event affecting the markets:
Long View: Eyes on the renminbi
By John Authers Financial Times
Friday Dec 5 2008 16:45
In a year when we have all grown used to extreme numbers, this week was book-ended by two shocking figures. Only one seems shocking at first to those outside the market.
The news came on Friday that more than half a million jobs were lost in the US last month, the worst month in more than a quarter of a century.
The week began with the news that the Chinese renminbi had depreciated by 0.73 per cent on Monday. This appears trivial by comparison, but generated almost as much concern as the news on US jobs later in the week. Why?
Read the rest of the article