On November 19, the People’s Bank of China ordered the country’s banks to increase their reserves by an additional 0.50%. It’s the second time in two week the Bank has boosted reserve requirements as it tries to keep the value of the yuan down.
But it won’t be enough. The yuan will continue surging despite these latest efforts, creating a tremendous opportunity for anyone who missed out the last time around — even if you’re not a global currency investor.
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Ireland Gets 85 Billion Euros!
Well… Friday I took off and I guess the currency traders did too, for the bloodshed in the currency and precious metals on Friday was akin to Custer’s Last Stand at Little Bighorn! I checked in late in the day, and had to turn the screen off, I couldn’t bear to watch it! I’ve always told you that those kinds of days can be very volatile with wild swings in prices due to the low volume and not everyone being on the trading desks… Well, Friday was one of those days… The selling began when there was discussion that, while Ireland looked as if it could get their aid package/bailout, Portugal or Spain could be next in line… And then the you-know-what hit the fan, and before you could say pass the stuffing one more time, the selling begot more selling…
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