Hard week. Europe is now being haunted by problems in Spain and tax Day in America!! Ugh!! As much as I believe in the US recovery, I'm a bit of a grumpy American today.
So let's move onto China. Crazy things are happening. Let's start with the precipitous fall of Bo Xi Lai (once deemed to be a very very promising member of the Chinese politico). Latest chatter (which is all it is for now) is that his wife is being investigated for the murder of English businessman Neil Heywood. Story gets more convoluted in that not only was she a close family friend (godmother to their children), she is alleged to have had an affair with him.
DRAMA - they could make a movie out of this! Now much less dramatic but more important is the change in the China foreign exchange regime. China has now amended the band that their currency can fluctuate. You see, the RMB is a very tightly controlled currency so not subject to the same laws of supply and demand. That's why US politicians get so mad at China and believe their unfairly cheap currency is making US manufacturers uncompetitive. Now this new widened trading range (first time in 2007) is exciting people that China could be opening up.
Gotta wrap it up here as I'll be busy wrapping up tacos tonight as the featured TaCorean (to quote my brother) at Heirloom. Amidst some pretty choppy markets, their Tacos 'n Tequila night is always a nice break!
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