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Currency Wars: China Now Has Unprecedented Control Over the U.S. Dollar
China fired a shot heard 'round the world Aug. 11, stoking fears of what could become the ugliest of all currency wars. In a surprise move, the country massively devalued the yuan 2% - its biggest one-day devaluation in 20 years.
China's yuan devaluation will have more than just that immediate impact - it gives the country unprecedented, long-term control over the U.S. dollar.
Here's how China has managed to place the U.S. dollar on puppet strings...
China fired a shot heard 'round the world Aug. 11, stoking fears of what could become the ugliest of all currency wars. In a surprise move, the country massively devalued the yuan 2% - its biggest one-day devaluation in 20 years.
China's yuan devaluation will have more than just that immediate impact - it gives the country unprecedented, long-term control over the U.S. dollar.
Here's how China has managed to place the U.S. dollar on puppet strings...