China has long pegged its currency to the Dollar. After the USD started to depreciate against many currencies in 2002, expectations emerged that China would move away from a tight dollar peg. Following China’s reforms in 2005, the Yuan appreciated by over 20% against the dollar. However, since July 2008, the Yuan has been stable against the dollar, leading to expectations, illustrated by the forward price, that China’s repeg will persist.
The economic crisis has shrunk the holiday season, which typically lasts for about 35 days. Happy regions-those in which real estate markets have held up relatively well-have seen their holiday season decline by 10 days. Sad regions-those that have suffered a large number of foreclosures-have lost 24 days. To restore some cheer, we have collected some links that provide a lighter take on the economic crisis.
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