For several years, the rate of M2 growth has exceeded reserve growth, leading to a decrease in the ratio of reserves to M2. The depreciation of the yuan in August halted this erosion. Due to growth in M2 and a decrease in reserves, however, the amount of yuan in M2 per dollar of reserves continue to rise.
Hotels: Occupancy Rate decreased 1.2% Year-over-year
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From STR: U.S. hotel results for week ending 27 April
As expected with Passover, U.S. hotel performance came in lower than the
previous week and comparable...
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