Is Chinese Mercantilism Good or Bad for Poor Countries?
China's huge trade surplus and a stalling US recovery point to renewed pressure on the Chinese government to revalue the renminbi. But, rather than holding China responsible for pursuing its own economic interests, other countries, particularly in the developing world, should reconsider their own misguided currency policies.
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CAMBRIDGE – China’s trade balance is on course for another bumper surplus this year. Meanwhile, concern about the health of the US recovery continues to mount. Both developments suggest that China will be under renewed pressure to nudge its currency sharply upward. The conflict with the US may well come to a head during Congressional hearings on the renminbi to be held in September, where many voices will urge the Obama administration to threaten punitive measures if China does not act.