Watches have stopped
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Wrist rollers and Rolex flippers, your time is up
2012-01-07
Chinese yuan stabilizes
The gap between the market price and the daily fixing in the yuan has closed. The arbitrage opportunity in Hong Kong offshore yuan trading has also disappeared. It remains to be seen whether this is a start of year capital allocation move, or a return to the trend of a rising yuan, but I expect economic fundamentals will keep the yuan under pressure this year.
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