David R. Francis: Why China needs more expensive money

From the Christian Science Monitor:

When will China revalue its currency?

It’s a simple decision by the Chinese government to let the nation’s yuan move upward in value against the United States dollar. China would benefit from cheaper imports and more flexibility in carrying out economic policy.

But if the decisions of central banks seem secretive, the workings of China’s decisionmakers are downright mysterious. No one outside its inner circle knows when a revaluation decision might be made. Nor does anybody know what it would mean for the world economy.

But pressures are building.

See also “China Says It Will Not Bow to Foreign Pressure on the Yuan” from VOA and “China won’t be pushed into yuan reform” from Xinhua.

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