Analysts Doubt Snow Intended Policy Change
Updated from 12:59 p.m. EDT
The value of the dollar sunk to a four-year low in the exchange markets Monday after the Bush administration signaled over the weekend that it could live with the currency's recent weakness.
In a sequel to his remarks from the previous weekend about the positive aspects of the dollar's devaluation, Treasury Secretary John Snow took the case further Saturday by saying the administration's definition of "strong dollar" had shifted.
Since 1995, the "strong-dollar policy" has been interpreted to refer to the strength of the dollar in relation to foreign currencies. According to Snow, the policy should refer to the value of the dollar in relation to the confidence it inspires in the public, and its resistance to counterfeiting. ...
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