Sunday, March 7, 2010
China Bank Chief Says Currency Is Unlikely To Change
This New York Times article discusses the strong exchange rate China's currency has over the other country's currency's around the world. The U.S. and other country's that trade with China are pleading for China to let its currency appreciate towards the dollar. The western economies are asking this of China because an artificially weak renmibni makes it expensive for other countries to buy Chinese exports.
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Does this seem like typical Chinese financial hedging, or is it a more weighty symbol of an increasingly independent and assertive Chinese state?
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