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本帖最后由 diver18 于 2011-10-20 08:31 编辑
China spending tons of money manipulating yuan downward; creating domestic inflation
19 OCT, 2011, 01.20PM IST, THOMAS L. FRIEDMAN,NEW YORK TIMES
http://economictimes.indiatimes.com/news/international-business/china-spending-tons-of-money-manipulating-its-currency-downward-creating-domestic-inflation/articleshow/10411963.cms
HONG KONG: After spending last week talking with Hong Kong entrepreneurs about a bill, just passed by the U.S. Senate, to clear the way for tariffs on Chinese exports to America if China doesn't revalue its currency, there are three things I have to say. One, I really hope the people pushing this bill do not give up. Two, I really hope the people pushing this bill do not succeed. And, three, I really hope no one thinks this legislation will make any sustainable dent in our unemployment problem, which requires much more radical rethinking.
I support this legislation in theory because China needs a wake-up call. I know, China never responds to in-your-face pressure - not immediately. But it began revaluing its currency upward in 2005, the last time the Senate brandished a big stick. The fact is, China's strategy of using low wages and a cheap currency to build up an enormous export-led growth engine - while using its huge market to lure and compel companies to transfer their next-generation technology to China as well - is now hurting both sides.
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