The article also discusses China becoming more attractive to foreign investors and their absence at the Copenhagen meeting on climate change last year.
Sunday, March 14, 2010
Chinese Currency Overvalued?
This article is about Premier Wen Jiabao's outrage at pressures from developed nations, most specifically the United States, to appreciate their currency. Mr. Wen held a press conference to share his anger. Mr. Wen said that it was unreasonable for the United States to expect China to appreciate their currency in order to increase the United States' exports. Furthermore, he was concerned at the falling rate of the United States currency since China holds so many American dollars in reserve. The Chinese currency has been pegged to the dollar since 2008. Mr. Wen referred to policies attempting to depreciate one currency while increasing another countries as an attempt to increase exports as trade protectionism. The press conference marks growing tensions between the United States and China over economic policies.
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It is interesting how China continues to uphold this stigma of being the nation who is much more developed than most of the "developing" nations, yet, still refuses to have same standards and obligations as the US and other western states in fighting climate change
I agree with Alina. In my new post, China is rebelling even more against Western 'ideals' if you will. Leaders are saying they are even confused about the criticism of China that occurred at the recent climate conference in Copenhagen. They consider themselves to be a powerhouse and look forward to even more economic success but, as their increased nationalism demonstrates, they are unwilling to accept the international consequences of their prosperity.
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