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China Eases Currency Peg
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China announced that it would make its exchange rate flexible, but also emphasized that it would do so gradually. What this means is that China will have a managed floating exchange rate. China followed a managed floating policy between mid 2005 and mid 2008, with a 21% upward valuation during that period for the yuan. During the 2008 crisis upto now the rate was pegged. The yuan was pegged at 6.83 yuan to the dollar. China is now rebalancing its economy so that it is not overly dependent on exports. The idea is to let domestic wages and domestic consumption pick up the slack in the markets of Europe and the USA. Europe is taking up austerity measures, and the mood in the US is shifting towards concern about growing budget and trade deficits. See the groups for "China wages" and "China workers."
Currency issues and U.S.-China trade.
01/23/2009
Trade between the USA and China and currency issues. Obama administration's efforts to address currency issues and fair trade issues with other countries.
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Wall Street Journal 10/04/2011
Europeâs Debt Crisis Is Casting a Shadow Over China
New York Times 05/17/2010
The Long View of Changes in Chinaâs Currency
New York Times 09/21/2010
An Accord (and Lessons) to Remember
Wall Street Journal 09/21/2010
US-China trade relations: Speak less softly, carry a stick
Economist 09/25/2010
Obama Promotes Benefits of Trade Deals to Workers and Smaller Businesses
New York Times 02/26/2015
Economic growth and exchange rates for dollar, yen, yuan and euro- policy change in China, Japan and Europe.
08/17/2007
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.
Grouped Articles
Yen's Fall Aids Japan, Worries Others
Wall Street Journal 05/13/2013
Yen Slumps to Six-Month Low Against Dollar
Wall Street Journal 11/27/2013
Japan Faces Uphill Battle in Curbing Yen's Rise
Wall Street Journal 08/04/2010
Brawny Yuan Stands Apart from the Crowd
Wall Street Journal 12/10/2013
Asia Seen as Better Able to Deflect Waves From U.S.
New York Times 08/17/2007
Geithner Hints at Harder Line on China Trade
New York Times 01/23/2009
Experts who agree that its beneficial for the U.S. to lift exports through devaluation of the currency.
10/15/2009
This includes Krugman, recent Nobel Prize winner, Morici, University of Maryland, Hatzius of Goldman and Kasman of JP Morgan. Other experts also welcome the depreciation ogf the dollar as long as it is not a sudden drop. With consumers strapped, quantitiative easing reaching its limits, the stimulus in place, rising unemployment in 2010 and very poor capacity utilization, exports are a sure way to lift the economy. Morici and Krugman see a Chinese disconnect with it siphonig growth away from other countries through keeping its currency low. Morici cites the example of solar panels where China requires 75% domestic content for imports.
Grouped Articles
Cities Adapt With Mixed Results
Wall Street Journal 09/27/2011
Wall Street Journal 10/04/2011
The Engine That Pulled Us Out of Recession
Wall Street Journal 03/19/2015
Cheaper Chinese Currency Has Global Impact
Wall Street Journal 08/12/2015
U.S. Strains Mount After China Devalues Yuan
Wall Street Journal 08/12/2015
Peter Morici: Behind the Dollar's Dog Days
BusinessWeek 10/15/2009
U.S.-China relations 2010-2013
01/13/2009
U.S.-China relations. Policy differences and trade relations are expected to exacerbate in 2010. The role of the U.S. as a supplicant to China in 2009 may lead to frustration and stepping back. US-China relations are tense because of continuing trade pressures and large trade deficits as China continues with its export model. Currency issues also an irritant.
Grouped Articles
US-China trade relations: Speak less softly, carry a stick
Economist 09/25/2010
China Pumps Up the Volume Against Japan
Wall Street Journal 02/08/2014
U.S. and China Mark 30 Years of Diplomatic Ties
New York Times 01/13/2009
U.S.-China relations to face strains, experts say - washingtonpost.com
Washington Post 01/03/2010
U.S., China locked in trade disputes
Washington Post 01/04/2010
China denounces U.S. trade ruling on steel pipes
Washington Post 01/01/2010
Changes in China's factories in 2010-2013. Changing manufacturing.
01/05/2008
Conditions at Hon Hai and a strike at Honda are part of a changing picture of worker dissatisfaction with wages and discipline at Chinese factories. The period of low prices and worker discipline of the kind that prevailed for several decades of industrialization appears to be closing. The Chinese government is also having second thoughts as America and Europe are no longer the growing markets they used to be, and as it weighs a policy shift to domestic consumption.
Grouped Articles
China: A Billion Strong but Short on Workers
Wall Street Journal 05/02/2013
China Manufacturers Survive by Moving to Asian Neighbors
Wall Street Journal 05/02/2013
China Factories Try Karaoke, Speed Dating to Keep Workers
Wall Street Journal 05/03/2013
Strains Show in China's Job Market
Wall Street Journal 06/11/2013
Wall Street Journal 12/21/2011
Unrest May Signal New Phase in China Economy
New York Times 05/29/2010
China's migrant workers.
01/05/2008
The situation for migrant workers before and after the crisis, and after stimulus efforts.
Grouped Articles
China: A Billion Strong but Short on Workers
Wall Street Journal 05/02/2013
China Factories Try Karaoke, Speed Dating to Keep Workers
Wall Street Journal 05/03/2013
The Demanding Off-Hour Escapes of Chinaâs High-Tech Workers
New York Times 07/16/2013
Why Apple and Others Are Nervous About Foxconn
BusinessWeek 06/03/2010
Wall Street Journal 05/29/2010
In China, Unlikely Labor Leader Just Wanted a Middle-Class Life
New York Times 06/13/2010
Frankly Speaking on the great recession, the dollar and trade deficits 2009-2012
10/14/2009
Peter Morici of the University of Maryland and others express their view in 2009 on what needs to happen. The dollar Morici says needs to be devalued 40-50% against the yuan. He says that while China talks about an alternative reserve currency, it is part of the problem. And the crisis was caused by the U.S. demand that was inflated by the cheap yuan and then collapsed, says Morici.
Grouped Articles
Wall Street Journal 10/04/2011
Europeâs Debt Crisis Is Casting a Shadow Over China
New York Times 05/17/2010
An Accord (and Lessons) to Remember
Wall Street Journal 09/21/2010
Cheaper Chinese Currency Has Global Impact
Wall Street Journal 08/12/2015
China Takes a Smoother Path to Currency Devaluation
Wall Street Journal 11/25/2015
Peter Morici: Behind the Dollar's Dog Days
BusinessWeek 10/15/2009
U.S. and China- Trade Wars.
12/30/2009
American action against products from China that are dumped on the U.S. market. The unervalued Chinese currency and subsidized exports.
Grouped Articles
Wall Street Journal 10/04/2011
Economist 03/31/2010
Europeâs Debt Crisis Is Casting a Shadow Over China
New York Times 05/17/2010
How China Lost Its Mojo: One Town's Story
Wall Street Journal 09/16/2013
An Accord (and Lessons) to Remember
Wall Street Journal 09/21/2010
US-China trade relations: Speak less softly, carry a stick
Economist 09/25/2010
China wage increases and government policy to promote domestic consumption.
01/05/2008
Wage increases of 20% at Hon Hai and upto 100% at Honda factories in China from wages that were kept low for the export market, are now the trend in China. The government policy is shifting to encourage such wage increases to promote domestic consumption and reduce an overreliance on export markets for growth. This is happening just as trade tensions are increasing with the USA.
Grouped Articles
Beijing Signals a Shift on Economic Policy
New York Times 05/24/2013
Honda's Long-Haul Dilemma in China
Wall Street Journal 06/24/2010
Interview With Japan Foreign Minister Katsuya Okada
Wall Street Journal 09/02/2010
Yuan's Rise Hurts China's Exporters
Wall Street Journal 01/20/2014
China Will Keep Growing. Just Ask the Soviets.
New York Times 10/24/2014
Adidos and Hotwind? In China, Brands Evoke Foreign Names, Even if They’re Gibberish
New York Times 12/26/2014
Expert opinion on the appreciation of the yuan.
03/29/2010
One view from Yale University is that an appreciation of China's currency will not have alarge impact on American jobs, which is the opposite of what is generally thought.
Grouped Articles
Wall Street Journal 10/04/2011
Wall Street Journal 03/29/2010
Europeâs Debt Crisis Is Casting a Shadow Over China
New York Times 05/17/2010
The Long View of Changes in Chinaâs Currency
New York Times 09/21/2010
An Accord (and Lessons) to Remember
Wall Street Journal 09/21/2010
China's Dangerous Overvaluation
Wall Street Journal 02/26/2014
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