Different ‘Dollars’ To Different Places Are Really Just The Same ‘Dollar’ At Different Times
This is a repost; originally published on Dec. 22, 2016. On April 27, 2007, the People’s Bank of China announced that it was raising the statutory ratio for required reserves by 50 bps to 11%. The Chinese had allowed their currency exchange rate to moderately float almost two years earlier, which changed the way monetary policy would have to work. [...]
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