Digital News Report – The dollar lost value compared to the Brazilian Real, the Indian Rupee, the Mexican Peso and the Swiss Franc, according to our S1 survey. The dollar gained against the Australian dollar, the Canadian dollar and British Pound, according to our S2 survey. The dollar also gained against the Euro and Japanese yen.
U.S. Treasury Secretary Timothy Geithner said Saturday that he believe the Chinese will resume their resume exchange-rate reforms. He told the policy-steering committee of the Monetary Fund that developing countries need to continue to move towards market economies.
According to our survey (S1) the Chinese exchange rate with the United States has remained the same for over one year. Meanwhile the U.S. currency has lost ground against every other major currency including the Euro and Yen.
By: Tina Brown