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China-Japan-Koreas
China questions slide in US dollar, rejects pressure on the yuan
2004-11-29
Chinese Premier Wen Jiabao indirectly criticised the United States for not taking measures to halt the slide in the dollar while insisting that China would not revalue the yuan under pressure. "You must consider the impact on China's economy and society and also consider the impact on the region and the world," Wen said in Laos late Sunday when asked about pressure to remove the yuan's decade-old peg to the dollar. "China is a responsible country. In 1997, during the financial crisis, we maintained the basic stability of the yuan and made the kind of contribution that we should. "Today on the other hand we have to ask a question. The US dollar is depreciating and it is not managed, what is the reason for that? Shouldn't the relevant parties adopt measures?" US exporters complain the yuan is undervalued at about 8.3 to the dollar, giving China an unfair advantage by making Chinese exports cheaper and other countries' exports to China more expensive.
The USD had a technical bounce agianst the Euro today but is now back to record lows. As I pointed out a few days ago. Fixing the Yuan against the USD just depreciates it against the Euro, which will cause a flood of Chinese exports into the Eurozone. So the Euros will turn the heat on China. The US can sit back and watch the worst recession in Euroland in 25 years unfold and the resultant Euro sanctions against China. Its going to be fun guys!
Posted by:phil_b

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