Ever since China unpegged the renminbi from the US dollar, it looks like people are tracking every miniscule movement in the currency. Check out this AFP story (via the Hindu):
The People’s Bank of China said it set the central parity rate — the centre point of the currency’s allowed trading band — at 6.7890 to the dollar, a fraction stronger than Friday’s 6.7896. It was the strongest level policymakers have set since China un-pegged the currency in July 2005 and moved to a tightly managed floating exchange rate, but analysts said the move did not signify a major shift. In Monday trade, the yuan was weaker at around 6.7912 to the dollar.
Really? I’m not an expert, maybe six ten-thousandths is more significant that I expect, but did it really need a story written on it (albeit a really short one)? Particularly when your unnamed analysts are downplaying it?