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China’s Dollar Trap
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Krugman says that China fears that a decline in the value of the dollar will reduce the value of the 70% of the $2 trillion in assets it holds, that are in the form of US Treasury bills. This may have been the reason Zhou Xiaocuan, China's central bank governor called for a new currrency to replace the dollar as new "super-sovereign reserve currency." He doesn't think this is likely to happen. Neither is his hope and that of Japan that somehow the two countries can export their way out of current difficulties. The US will not be the market it once was, that is certain. So Krugman says China, Japan, and the Europeans on the issue of the Stimulus are all hoping that things will return to the way they were. Something that is not going to happen. March figures in the US for jobs lost hit an high of 663,000, and this crisis says Krugman has years to run.
China in the global financial crisis of 2008.
10/20/2008
The impact of the global slowdown on China's economy and the impact of China's slowdown on the USA, Germany, Japan and South Korea and other countries.
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Tax Cut Spurs 25% Rise in Chinese Auto Sales
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20 million migrant workers across China who lost jobs in the global financial crisis of 2008
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China Investment Corporation (CIC) investing strategy in 2008-2010
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China Tries to Reassure U.S. About Its Investing Plans
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Wall Street Journal 11/04/2008
Geithner Hints at Harder Line on China Trade
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China Rejects Currency Manipulation Charge
New York Times 01/25/2009
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Economic growth and exchange rates for dollar, yen, yuan and euro- policy change in China, Japan and Europe.
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How policy and mood is shifting in China, Japan and Europe for exchange rates between currencies. The desire to be less dependent on exports and increase domestic demand in these countries just as thrifty consumers in the US make earlier policies obsolete.
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Yen's Fall Aids Japan, Worries Others
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Brawny Yuan Stands Apart from the Crowd
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Asia Seen as Better Able to Deflect Waves From U.S.
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Geithner Hints at Harder Line on China Trade
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China Stimulus Spending and investment in infrastructure- 2008-2011
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China's efforts to revive its economy with a large Stimulus Spending Plan.
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China's economy after the global economic crisis of 2008.
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Stimulus spending, surge in bank loans.
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A New U.S. Dialogue With China
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Lou Jiwei, chairman of China Investment Corporation (CIC) in 2008
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The April 2009 G-20 Docklands, London Summit and the constructive confrontation between American and European positions.
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The positions of both sides. The Europeans credibly calling for global regulations as non-negotiable, and the US credibly calling for larger stimulus spending now when it would have the greatest impact. And the tough negotiations ahead.
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Big Ideas, Grand Plans, Modest Budgets
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What the Chinese Want from Obama
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Krugman and the editors of NYT see the G-20 coming out short in addressing the crisis.
04/03/2009
The Europeans failed top support the USA in the push for strong stimulus and global regulatory reform is still uncertain. About $1.1 trillion for supporting trade and the IMF, with IMF asked to promote social help in emerging countries in addition to fixing finances.
Linked Articles
New York Times 04/03/2009
New York Times 04/03/2009
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