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'description' => '<p><strong><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Context: </span></span></strong><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">On 5/08/2019, the <strong>US Treasury Department declared that China is a currency manipulator. </strong>The move came after <strong>the People’s Bank of China</strong> (PBOC), the central bank of China<strong>, allowed the yuan to suddenly depreciate </strong>(or lose value) relative to <strong>the dollar by 1.9 per cent </strong>(one of the biggest single-day falls</span></span><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">)</span></span><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">. As a result, the <strong>yuan breached the 7-to-a-dollar-mark for the first time since 2008.</strong></span></span><strong> </strong><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">In retaliation, the US announced that it would approach the IMF <strong>“to eliminate the unfair competitive advantage created by China’s latest actions.”</strong></span></span></p>
<p> </p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>What is a currency’s exchange rate?</strong></span></span></p>
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<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">An exchange rate is the <strong>value of a nation's currency in terms of the currency of another nation or economic zone.</strong></span></span></li>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>How are exchange rates determined?</strong></span></span></p>
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<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>In an ideal world</strong>, the exchange rate for any currency would be <strong>determined by the interplay of its demand and supply. </strong>If more Indians want to buy US goods, there would be a higher demand for the dollar relative to the rupee. </span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This, in turn, would mean the dollar would be “stronger” than the rupee — and gain in strength as the demand increases. If demand falls, the dollar would depreciate relative to the rupee (or the rupee would appreciate relative to the dollar).</span></span></li>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>W</strong><strong>hat is currency manipulation?</strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>The real world is far from ideal. </strong>Most governments and central banks are bothered about generating more growth and employment at home<strong>. A weaker domestic currency comes in very handy when governments are trying to attract foreign demand and boost exports. </strong>China’s economic growth has been essentially fuelled by exporting to the world.</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currency manipulation happens <strong>when governments try to artificially tweak the exchange rate to gain an “unfair” advantage in trade</strong>.</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In other words, if <strong>China’s central bank buys dollars in the forex market, it can artificially weaken the yuan</strong><strong> </strong>and <strong>Chinese goods will then become more affordable (and competitive) in the international market.</strong></span></span></li>
</ul>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Can currency manipulation be justified?</strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Some amount of such “intervention” </strong>by central banks is <strong>allowed to reduce wild fluctuations </strong>in the exchange rate. But <strong>excessive and undisclosed interventions are not considered fair.</strong></span></span></li>
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'description' => '<p><strong><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Context: </span></span></strong><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">On 5/08/2019, the <strong>US Treasury Department declared that China is a currency manipulator. </strong>The move came after <strong>the People’s Bank of China</strong> (PBOC), the central bank of China<strong>, allowed the yuan to suddenly depreciate </strong>(or lose value) relative to <strong>the dollar by 1.9 per cent </strong>(one of the biggest single-day falls</span></span><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">)</span></span><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">. As a result, the <strong>yuan breached the 7-to-a-dollar-mark for the first time since 2008.</strong></span></span><strong> </strong><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">In retaliation, the US announced that it would approach the IMF <strong>“to eliminate the unfair competitive advantage created by China’s latest actions.”</strong></span></span></p>
<p> </p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>What is a currency’s exchange rate?</strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">An exchange rate is the <strong>value of a nation's currency in terms of the currency of another nation or economic zone.</strong></span></span></li>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>How are exchange rates determined?</strong></span></span></p>
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<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>In an ideal world</strong>, the exchange rate for any currency would be <strong>determined by the interplay of its demand and supply. </strong>If more Indians want to buy US goods, there would be a higher demand for the dollar relative to the rupee. </span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This, in turn, would mean the dollar would be “stronger” than the rupee — and gain in strength as the demand increases. If demand falls, the dollar would depreciate relative to the rupee (or the rupee would appreciate relative to the dollar).</span></span></li>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>W</strong><strong>hat is currency manipulation?</strong></span></span></p>
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<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>The real world is far from ideal. </strong>Most governments and central banks are bothered about generating more growth and employment at home<strong>. A weaker domestic currency comes in very handy when governments are trying to attract foreign demand and boost exports. </strong>China’s economic growth has been essentially fuelled by exporting to the world.</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currency manipulation happens <strong>when governments try to artificially tweak the exchange rate to gain an “unfair” advantage in trade</strong>.</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In other words, if <strong>China’s central bank buys dollars in the forex market, it can artificially weaken the yuan</strong><strong> </strong>and <strong>Chinese goods will then become more affordable (and competitive) in the international market.</strong></span></span></li>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Can currency manipulation be justified?</strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Some amount of such “intervention” </strong>by central banks is <strong>allowed to reduce wild fluctuations </strong>in the exchange rate. But <strong>excessive and undisclosed interventions are not considered fair.</strong></span></span></li>
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