Chinese Leader Firmly Defends Currency and Trade Policies

From the NY Times:

“Mr. Wen’s most pointed remarks, however, were aimed at critics of China’s economic policies, led by the United States. Those critics accuse China of keeping the value of its currency artificially low, so that its exports will remain cheap compared to other nations’ competing products. That boosts China’s economy, but at the expense of other trading partners, they say.”

“China has pegged the renminbi to the declining value of the dollar since the economic crisis began in late 2008. Were it to let the market judge the renminbi’s value, critics say, the currency — and the cost of Chinese products — would rise.”

http://www.nytimes.com/2010/03/15/world/asia/15china.html?hp

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One Response to Chinese Leader Firmly Defends Currency and Trade Policies

  1. Andrea Voyer says:

    And what about the part where the tariffs on imports and even the fees applied to domestically-produced goods intended for export make them insanely expensive? Do people in China know that they do not have access to merchandise of the same quality that they are making for consumers in other countries.

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