East Asian imbalances go beyond China – Philip Bowring

From the International Herald Tribune:

The U.S. Treasury secretary, John Snow, has been talking to China, and the finance ministers and central bankers of the world’s 20 leading countries, the G-20, have been meeting near Beijing, with the inevitable fixation on the yuan.

But the really deep, fundamental and unsustainable global imbalance is not between China and the United States but between East and the rest of the world (oil exporters excepted).

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