The US is pursuing a policy of weakening its currency, driving up exchange rates in the rest of the world, according to Alan Greenspan, former chairman of the Federal Reserve.
Writing in today’s Financial Times, Mr Greenspan argues that with China also holding down the renminbi, the upward pressure on currencies elsewhere risks a return to widespread trade protectionism.
Mr Greenspan criticises China for continuing to prevent the renminbi from strengthening, saying it reflects the misguided view that a weak currency is necessary for export growth and political stability.
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