Beijing heavy hitter takes aim at revaluation’s backers – John Garnaut

From The Sydney Morning Herald:

The newest member of the Chinese monetary policy committee will today launch a stinging attack on those calling for a major revaluation of the yuan.

Fan Gang, a Harvard-educated economist who this month joined the People’s Bank of China committee responsible for advising on interest rates and exchange rate settings, says the US dollar, not the Chinese currency, is “a major source of instability”.

“The current problem is not [renminbi, or yuan] revaluation, but dollar devaluation,” he says. “This is the major cause of the current imbalance.” [Full Text]

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