Just heard on the radio this morning, that China has finally unpegged its currency. For those of you that follow international trade, this is huge. The U.S. has been begging them to do it for years. Up until now, China has held its currency artificially low in order to maintain trade dominance.
Apparently what tipped the scales was oil. China needed to let the value of its currency rise in order to afford the continually higher costs of oil.
What does everyone think of this?
Also, what impact do you think this may have on HKDL?