I was just watching an interview with a high level Chinese treasury / MOF guy which was interesting. He thinks next year the US will open its borders to lots of highly skilled Asian immigrants which will help solve the housing problem, and the USD will drop to 1:3 RMB kick starting the US manufacturing sector. Very unusual for someone in that position to talk so candidly.
Thats something aussies dont get when they're kicking the US, at least they still have a manufacturing sector and world class companies.
Oly, if the USD weakens badly next year against the RMB, what do you think the AUD will do? I think ultimately its what commodities are in RMB that will count, ie the AUD/RMB exchange rate will be the important one for the aussie mining sector, the AUD/USD will be secondary.
CMR Price at posting:
37.0¢ Sentiment: None Disclosure: Not Held
