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January 30th 2006

US continues to pressure China

At this week’s World Economic Forum, which is being held in Davos, Switzerland, China has predictably held center stage. Not all of the attention has been positive, however, as the US has used the Forum as an opportunity to lambaste China for its stubborn to further revalue its currency. Since last July, the Yuan has appreciated 2.5%, which is much less than what Western policymakers had hoped for. While senior US Treasury officials publicly rejected applying pressure to China via tariffs and other trade sanctions, they were adamant that China move forward on its plans to appreciate the Yuan, as it now has the financial infrastructure to support a more flexible currency regime. Reuters reports:

Economists at a session on the global economy in Davos, however, pointed out that the United States and China have a symbiotic relationship and that U.S. pressure for rapid revaluation might be misplaced.

Read More: Pace of China yuan reform takes center stage

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Posted by Adam Kritzer | in Chinese Yuan (RMB), Politics & Policy | No Comments »

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