Last weeks announcement by the People's Bank of China that the yuan is being revalued has now officially hit home. As you are all probably aware, China announced a 2.1% revaluation of the yuan and that it will now be pegged to be a "basket of international currencies." While economists and politicians are debating whether this will stem the flow of Chinese imports or was merely window dressing designed to placate the Bush administration's protectionist agenda, Gift of Love has notified us that we will need to budget an additional $1000/per person to our travel expenses.
Mind you that I am not complaining. The cost has no impact on our ultimate goal. Further, depending on which side you believe, the revaluation may have a positive impact on Iowa's farming and manufacturing economies that will benefit us all (see e.g. Maytag's current trials and tribulations). I would just like to recognize that all politics are local and that we should start saving now if we want to attend the 2008 Beijing Olympics.
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