Almost everyone we met in China on the Global Immersion Program expected a Yuan appreciation this year and further appreciation beyond that.
The Economist not so long ago urged Barack Obama to face up to China, but now seems to have changed tack.
The FT’s Lex are also urging restraint in the US arguing the politics would defeat its purpose:
If the US really wants a stronger renminbi, the best advice is to shut up, and let it happen.
More interestingly buried in the same Lex column:
- Meantime, the Obama administration should leave it to Brazil, Russia and other emerging nations – where China’s shipments should overtake those to the three big developed markets this year, on CICC estimates – to make the argument for revaluation in public.
The fact China is set to ship more product to emerging economies than the US, Japan and Germany (I assume) seems like a pretty big deal to me; More evidence of the less US-centric era ahead and more important than the when and how of renminbi appreciation and dollar depreciation.
Further econo-web entertainment comes in the form of
Jonathan Mann’s “Hey Paul Krugman“, part of his song-a-day Rock Cookie Bottom series:
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