China's Currency Valuation
http://thedianerehmshow.org/shows/2010-06-22/chinas-currency-valuation
The U.S. welcomed China's decision to allow the value of its currency to rise against the dollar, but the long-term implications are unclear. Diane and guests explore what Chinese exchange rate flexibility could mean for the U.S. and the global economy.
Guests
Shang-Jin Wei
director, Chazen Institute of International Business
prof of Finance and Economics, and N. T. Wang Prof of Chinese Business and Economy, Columbia University Graduate School of Business
C. Fred Bergsten
director of the Peterson Institute for International Economics and author of "China's Rise."
Jerry Seib
executive Washington editor, "The Wall Street Journal."
Comments
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Tell the chinese apologist that not so many Americans would be poor if china were force to play fair and stop stealing our good manufacturing jobs while keeping us out of their markets
Regarding allowing the yuan to "float" and be valued by the market. It seems to me that we don't know exactly what effects exactly it will have on US exports, Chinese imports, what trade moves to Bangledesh, cost of goods for poor Americans etc. But what it will do is allow the real situation to be less distorted. If the value of the yuan reflects facts on the ground rather than a random government policy, then needed trade and wage adjustments can occur in a more timely and natural way.
Connie Adams
Comment on Just Others page. Please excuse the delay to respond. I was alluding to 'The Beijing Consensus'. The PRC and China Int'l Fund is creating a sphere of influence that may eventually dwarf the West. It is time to examine the BIG picture if you will... Thanks for this show and so many others.
The trade imbalance with China is more likely a product of the WTO agreement of 2001 which gave developing nation status to China, allowing it to impose tariffs and other measures which unfairly favored Chinese industries which also benefit from subsidies, third world wage scales, oppression of labor rights and politcal persecution. Developing nation status for the tolatarian, communist state is the problem which must be addressed.