The Fed Raised Rates. So Why Did the RMB Strengthen and Crypto Rise?
Today I saw a Reuters report saying that the RMB had strengthened to a more than three-and-a-half-year high against the U.S. dollar, just days after the Fed raised rates . My first reaction was a small sense of disappointment. For people who work in international trade and often receive payments in U.S. dollars, a slightly stronger dollar against the RMB is usually welcome news. When the Fed announced another rate increase, I had expected the exchange rate to move up at least a little. Instead, the market went almost the other way. ...