People’s Daily: Nobel laureates warn against yuan revaluation

From People’s Daily Online:

Two Nobel laureates in Economics have endorsed China’s decision not to appreciate its currency, saying it would not be helpful to either China and the United States.

Joseph Stiglitz, former chief economist of the World Bank who was awarded a Nobel Prize in Economics in 2001, mirrored Robert A.Mundell‘s argument that the political pressure on China to appreciate the yuan conflicts with economic reality.

Some US congressmen have reportedly threatened to impose extra tariffs on Chinese goods if China does not appreciate its currency.

Stiglitz said at a seminar held this week that in the 1980s, the United States had huge trade deficits and that It is natural for politicians to blame somebody else.

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