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Pressure Over Yuan May Forestall Action

Contributed by mm | June 8, 2005 1:00 PM PST





I never understand the logic of pushing China for a revaluation: China will still has cheaper labor compared to US no matter how the currency appreciates, and therefore jobs will only shift to other developing countries instead of U. S.

From Wall Street Journal:

Mr. Zhou, an English-speaking technocrat, is widely believed to advocate a more flexible currency and greater use of other market mechanisms, such as interest rates, to iron out the boom-bust cycles that plague the Chinese economy. Some Chinese officials fear that if Beijing abandons the peg, it would be pulling up an anchor that has held the economy steady for more than a decade.

Yesterday, Mr. Zhou touched on some of those concerns, telling bankers that China is concerned about how any yuan appreciation could affect domestic jobs and growth. While China remains committed to currency overhauls, he said, China's banks need more time to prepare.
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