The substantial revaluation of China’s currency being demanded by Washington to cut the mainland’s swelling exports would have a negligible impact on the US current account deficit, according to a new report.
The report, from the Asian Development Bank, says a 10 or 20 per cent revaluation of the renminbi against the dollar would slow the Chinese economy and provide a boost to rival Asian exporters. But neither scenario would tackle the problems Washington has targeted the ballooning US current account deficit and China’s significant contribution to it.
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