Global foreign exchange expert Andrew Busch wrote on The Globe and Mail:
The high-level talks between China and the United States last week are important for trade partners of both countries. China’s chief trade negotiator, Wu Yi, and U.S. Treasury Secretary Hank Paulson discussed a wide range of issues – from reducing China’s assistance to its exporters to providing market access to China for foreign financial services.
Although the United States was disappointed there was no action on making China’s currency more flexible, the talks yielded big results for the aviation and financial services sectors. But a firestorm looms on another front. [Full Text]