There may be guarded optimism, albeit not yet celebrations, in the US following the latest – and most direct – hint that China's currency is set to appreciate.
The country's central bank chief described the current dollar peg as a temporary measure, laying the groundwork for a “return to ordinary economic policies”. Such a move could address global trade imbalances.
Keeping the renminbi pegged to the dollar at an artificially low level – as the Americans claim – has widened the gap between what China pays and what it spends, by making exports cheap and imports expensive.
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