IMF To Announce The Chinese Yuan Is Fairly Valued
May 04, 2015
The Justice Department Has Announced Intentions To Release More Information And Launch A Review With Regards To Certain Top-Secret Phone Surveillance Devices; Data On Manufacturing Shows Factory Orders Climbed By Unexpected 2.1%; IMF To Announce The Yuan Is Fairly Valued After Years Of U.S. Officials Seeing It As Undervalued.
- The Justice Department has announced intentions to release more information and launch a review with regards to certain top-secret phone surveillance devices that, while originally developed for international operations against terrorist groups, have increasingly become an approach employed by domestic law enforcement in recent years. The devices in question are commonly referred to as “dirtboxes,” and they are used on roving aircrafts to gather mass cell phone data of individuals on the ground. Standards for the FBI to obtain warrants to use these devices have been unclear and not clearly defined. Demands for cell phone data from private cell phone companies have risen in recent years, prompting the Justice Department’s decision to launch a formal review and divulge more information about the program to the public. [WSJ]
Economic Indicators & News
- Data on manufacturing factory orders released today for March indicate that orders climbed by an unexpected 2.1% after seven straight months of declines in the prior months. The increase in factory orders is due to strength in the volatile civilian aircraft and motor vehicle industries. Excluding transportation, factory orders were unchanged from February. The manufacturing sector has languished this year due to a strong dollar and correspondingly weak exports, making the March data released today welcome news. However, given other manufacturing indicators that have been released throughout April, it remains unclear whether the March data actually represent the beginning of a rebound in manufacturing conditions. [Census Bureau]
- The IMF is on the verge of announcing that the Chinese Yuan is fairly valued after years when the Yuan was widely assessed by US officials as undervalued. The change in the IMF assessment of Yuan value may affect ongoing negotiations over the Trans-Pacific Partnership. Over the past year, the Chinese Yuan has appreciated by more than 10% as a result of shifting dynamics in currency markets where the US dollar has surged relative to many other currencies. [WSJ]