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Written by Rick Ackerman
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Wednesday, 20 October 2010 07:33 |
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Let’s see if we understand yesterday’s earth-rumbling response to China’s 25 basis-point increase in a yuan lending rate. For starters, the dollar had its biggest one-day rally since August (which, to remind you, went nowhere; the dollar wafted slightly higher, then scuddled sideways for nearly a month before resuming its long-term bear market).
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