David Marsh and Mark Sobel: Foolhardy to cry manipulation about yuan
David Marsh and Mark Sobel: Foolhardy to cry manipulation about yuan by Chris Powell for GATA
Dear Friend of GATA and Gold:
In an interview posted this week, two officials of the Official Monetary and Financial Institutions Forum, a London-based organization cozy with central banks, note the irony of the United States’ designation of China as a currency manipulator.
It’s not the irony that the United States, not China, long has been the biggest currency manipulator around, as GATA has been saying for close to 20 years and as former U.S. budget director David Stockman noted this week:
Instead the OMFIF officials note that the currency manipulator designation is ironic because China long had been manipulating its currency, the yuan, upward, above market valuation, and was sanctioned by the United States only when it began to let market forces push its currency down a little.
The interview is an exchange between OMFIF’s chairman and co-founder, David Marsh, and its U.S. chairman, Mark Sobel. It’s headlined “Foolhardy to Cry Manipulation” and it’s posted at the OMFIF internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.