Word: renminbi
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...struggles with China over the relative value of its currency capture this dynamic well. The renminbi - it means "the people's money" - is the place where China's control economy touches the free-market world. Just as tensions with the Soviet Union sharpened at places where systems collided, the same will be true of China: the renminbi is the new Berlin. It needs to be handled with appropriate sophistication by both sides, especially since it reveals a deeper tension. Chinese find it inconceivable that the dollar will be the only global reserve currency in 10 years; Americans find it inconceivable...
...Here's an example of where China wants to both secure its interests and avoid conflict. The real puzzle about China's currency isn't just the value of the renminbi. It is, rather, how open China will be to flows of money. China has three choices: it can remain unplugged from the global system, it can plug in gradually, or it can say, We're the largest developing country in the world and everyone wants to invest here, so we're going to make our own rules. This is the sort of challenge China will pose in many areas...
...volatile issue of trade, a grand bargain of sorts now appears to be taking shape: In return for delaying a decision on whether to list China as a "currency manipulator" - long a dream of protectionists in Congress - China is sending signals that it will soon allow its currency, the renminbi, to appreciate. "The Chinese know very well it's in their own interest to allow the RMB to rise a bit," a source close to Treasury in Washington said just before Geithner's surprise Beijing trip. "But they weren't going to be browbeaten into it." (See pictures...
...visit to Washington will come just days before an April 15 deadline for U.S. Treasury Secretary Timothy Geithner to issue a semiannual report that could label China a currency manipulator. China's currency, the renminbi, has been pegged to the dollar, and many economists say it is undervalued, giving Chinese exporters an advantage over their competitors in the U.S. and elsewhere. Some U.S. lawmakers have been pushing Geithner to declare China a manipulator, which would force talks between the two sides and the International Monetary Fund and could create momentum for Washington to adopt protectionist measures...
...While expectations are low for any sudden jump in the value of the renminbi, the recent détente could make it easier for China to begin gradual changes. China's leadership was never likely to make any move on currency in the face of overt pressure from Washington, for fear of appearing weak in the eyes of its people. "Our view is that China was going to move around the middle of the year," says Green. "The China timetable was six months behind the U.S. on this, which creates tension. The tension makes a move harder. What we need...