Word: china
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...Both politically and economically speaking, this gets it about right. The reason it's in China's economic interest to allow the RMB to rise a bit is plain enough: At a moment when much of the world is still trying to climb out of a disinflationary hole, China's got a burgeoning inflation problem. Prices are rising at about 3% annually now, and it's now got its own real estate bubble to deal with. Cooling things off a bit is clearly the government's priority this year, and a rising currency helps. It makes imports more affordable...
...Those reasons extend beyond an overstimulated domestic economy. The geopolitics of the move are also pressing for Beijing. Though exports collapsed last year as the world plunged into recession - China's current account surplus declined by about half as a percentage of its overall economy - that adjustment phase is over. Exports will again add to GDP growth in China this year, and in an era of high unemployment in the U.S. and Europe, the potential for a serious protectionist backlash is very real. (Indeed, a team from Treasury slipped quietly into Beijing recently to make just this point.) For administrations...
...next year or two. "The thread between the two [revaluation and jobs] is very, very thin," says Derek Scissors, an economist at the Heritage Foundation in Washington. "No currency revaluation of any feasible size will create more than a few thousand American jobs.'' (See pictures of U.S. Presidents in China...
...both Geithner and Wang Qishan well understand, there are other compelling reasons for the RMB to rise. A revaluation will help China rebalance its economy by increasing the attractiveness of imports from everywhere; both developing nations like Vietnam and Thailand, whose own industrial development has been stunted by an undervalued RMB, to traditional manufacturing powers like Japan and South Korea will all likely benefit. That fact might not win votes in rust belt America - and the U.S. Congress may be only temporarily appeased - but it is a fact: The global economy desperately needs China to pull more weight...
Just as West Virginia families were hit with word of a deadly mine disaster on April 5, relatives of miners missing after a flood in China's coal belt welcomed some unexpected news. After eight days trapped underground, 115 coal miners in Shanxi province were dramatically rescued. In China, where mine disasters are grimly commonplace, the rescue was trumpeted as a miracle. And in the U.S., where mine safety is sometimes seen as a question that was resolved decades ago, the death of at least 25 men a painful reminder of the risks they face...