Travelling eastwards from Dubai after the IMF/World Bank meetings it is striking to encounter near universal scorn – among bankers, economists, corporate treasurers, investors and central bankers – for US policymakers’ attempts to bully China into revaluing its currency.
China is a country with a current account surplus equivalent to 1% of GDP and shrinking: so what exactly, they ask, is the Americans’ problem. Looking only at the bilateral trade balance and pointing the finger of blame impresses no-one.
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