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John Mauldin: Currencies are manipulated but the Fed will let the dollar fall
From Itar-Tass News Agency
Monday, November 8, 2004
http://www.itar-tass.com/eng/level2.html?NewsID=1432579&PageNum=14
HONG KONG -- By selling U.S. dollars, securities, and
assets denominated in the U.S. currency, Russia is
diversifying its currency reserves, which is in line
with the policy pursued by the Central Bank of Russia,
Andrei Illarionov, adviser to the Russian president on
economic problems, told Itar-Tass on Monday. He is
attending an international conference here, which is
entitled "Expansion of capital: from national to
transnational economy."
Illarionov spoke on the problem because reports appeared
in the British press on Monday about Russia, together with
India and China, selling its assets in U.S. dollars, which
may bring about a further reduction of the exchange rate of
the U.S. currency.
According to Illarionov, the Central Bank of Russia makes
no secret of its intention to diversify its currency
reserves, including through the buying of euros.
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