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News and current affairs
The central bank tries to hold the exchange rate, but eventually is forced to let the currency float.
China was urged not to float its currency.
If China had let its currency float back then, it would have depreciated in value, deepening the crisis.
But, in the real world, many countries, particularly but not limited to small, open economies, simply find it impractical or undesirable to permit their currency to float.
He could liberalize the exchange rate and let it float upwards, but he is not even doing that.
Luckily, China's government knows that America's advice to let the renminbi float right now is dangerous--both to China and for the world economy.
A necessary step is to abandon convertibility and let the peso float, while transforming outstanding obligations to pesos so as to prevent the devaluation from wrecking the balance sheets of local banks and corporations.
Let all the heavily indebted southern European countries jointly agree to join a weak euro, which would float against the stronger northern euro.
Never mind that most of the crises could have been avoided, or late least substantially mitigated, if governments had let their currencies float against the dollar, rather than adopting rigid exchange-rate pegs.
If the NBU lets the exchange rate float, Ukrainians are likely to exchange billions of dollars into hryvnia, driving up the hryvnia exchange rate.
When Should China Float?
Under heavy pressure from America, China's leaders have agreed in principle to float the renminbi, but refuse to say when.
Yet China's rulers are right to postpone the decision to float.
The rest of the world, particularly Germany, had no choice but to let their currencies float.
And the episode served to reinforce an international consensus that countries' monetary policy should focus on domestic price stability while letting exchange rates float freely.
Even countries that practice inflation targeting and have otherwise vowed to let their exchange rates float - Brazil, Colombia, Peru, and Chile, for example - have done it, and in large quantities.
Sixteen years ago, the Asian financial crisis erupted, following the Thai government's decision to float the baht in the face of speculative attacks.
Some part of it will float on the surface, but parts may also form plumes at different depths in the water mass.
The Chinese could abolish capital controls and let the renminbi's exchange rate float.
Some emerging economies did not let their currencies float but, instead, continued to peg them at undervalued exchange rates in order to promote their exports and build up reserves as a form of insurance in case of crisis.
To be sure, street protests and a chaotic clamor of recrimination have gripped Pakistan, while dire threats float in the Internet ether and a bizarre indifference pervades the rest of the Muslim world.
Just letting the yuan float upward does not resolve the dilemma.
But if the RMB is allowed to float, isn't a balanced trade account likely?
Much of the concern over the past few years has centered on America's yawning current account and fiscal deficits, and its effort to get China to let the yuan float more freely against the dollar.
Indeed, Brazil's stock market soared on news that the country's currency - the Real - was allowed to float and the nightmare of a monetary straitjacket lifted.
Such support is clearly unsustainable; in fact, the CBR recently announced that it will allow the ruble to float, implying an exchange rate that reflects the market's expectations concerning oil prices and future capital outflows.