More News, Rumors and Opinions Wednesday PM 11-4-2020
TNT:
Freetowin : I read the article posted here: https://www.breitbart.com/economy/2020/11/03/chinese-yuan-falls-election-results-come-in/ It states that the yuan is crashing. Actually, it started falling in October. It was trading $1=7 rmb. In October, it fell to $1=6.68. It has hovered there ever since. The changed noted in the article are fractions of a penny. You can google the exchange today $1=6.67.
Freetowin: If the rate of exchange for the RMB is declining, it actually means the RMB is getting stronger. When I arrived in China, my $100 bought 720 RMB. At today's exchange rate, that same $100 only gets you 667 RMB. Since I live in China currently, I know this personally.
Freetowin: The article should read "The dollar fell against the rmb today". What this is doing is raising the price of Chinese products for buyers
Shybaby: Freetowin... it then takes less RMB to get the same USD.... i.e not really crashing but getting stronger !? so against the USD …to a USD buyer, goods are more expensive
Freetowin: shybaby...correct
Tishwash: Planning: The most important priority for the 2021 budget is to provide salaries for employees
The Ministry of Planning confirmed, on Wednesday, that the continuation of investment projects and the provision of employee salaries, is one of the most important priorities of the 2021 budget
In an interview with the official newspaper, which was seen by "Al-Eqtisad News", his ministry "understands the general situation in the country, and seeks for Building clear priorities in the next year 2021 budget, which he noted that the most prominent of which is the continuation of investment projects in addition to the salaries of employees.
And he added, "These investment projects, if they continue, pave the way for the private sector to enter strongly into the labor market, and at the same time they provide excellent job opportunities for the unemployed in the country," noting that "the state, in addition to distributing salaries among employees, provides services." To all the people in order to provide them with a decent livelihood. "
And Johan stated that his ministry "decided to stop entering into contractual obligations for new projects that the public treasury carries additional sums that it cannot meet during the next two or three years," noting in the same context that "during the next budget, it will strive to complete its theory of stalled projects in Baghdad and the country's provinces." , And that the decision will not include emergency cases that are urgent for the citizen. link
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Courtesy of Dinar Guru
Jeff Article: "The agenda of the parliament session for next Saturday and begins with a bill to finance the fiscal deficit" Next Saturday (November 7th) they're doing the second reading of the borrowing law. Remember there is nothing else left. This is the last item we're waiting on. We're not waiting on a budget or anything. We're waiting for one last thing. This ...So they will be doing the 3rd reading on the borrowing law Saturday November 21st...Don't forget they can change the rate any time when they finish this law...this is huge.
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