Word: greenbacked
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...long, hot summer, though, the dollar has sweltered and gone limp. Main reason: fears that the U.S. economy may be stagnating. Since late February, the dollar's value has dropped 25% against the British pound, 10% against the Japanese yen and 14% against the lira. Last week the greenback lost ground in four of five trading sessions, closing Friday at its lowest level in more than a year against the German mark and the French franc...
...What's it worth now? Since 1998, the yuan has been valued at about 8.28 yuan to the greenback. China's economy is booming- suggesting a revaluation upward, which is what the U.S. would like. By keeping the yuan pegged to the dollar, whose value has declined against most currencies, Chinese exports have squeezed the profits of non-Chinese suppliers...
...Greenback Blues The tumbling buck is terrific for exports, but will it sink the U.S. economy...
...started to hear about some puzzling consequences of the dollar's decline. China's sidewalk banks--illegal but tolerated money changers--are doing a land-office business swapping dollars for renminbi (RMB), the Chinese currency, because canny Chinese now think that the RMB is a "safer" currency than the greenback. They are making the same "one-way bet" as currency traders all over the world, who calculate that the only way in which the record U.S. trade deficit can be brought under control is if the dollar declines, hence making American exports relatively cheaper in foreign markets and, say, Chinese...
...currency markets have a historical tendency to overshoot, and if they did so now, even stay-at-home Americans would feel the pain. In the markets, where the euro ended last week at $1.30, there is a sense that the greenback still has plenty of room to fall. Those fears were exacerbated last Friday when Federal Reserve Chairman Alan Greenspan said that international investors would "eventually adjust their accumulation of dollar assets"-which means sell them-or "seek higher dollar returns"-which means that U.S. interest rates might soar. Rising interest rates could lead to loan defaults and a reduction...