Wanted: Chinese Leadership on Currencies
If China fails to live up to the responsibilities of leadership, the global currency system is liable to break down and take the world economy with it. Either way, the Chinese trade surplus is bound to shrink, but it would be much better for China if that happened as a result of rising living standards rather than global economic decline.
https://prosyn.org/XAqr8v8
WASHINGTON, DC – I share the growing concern around the world about the misalignment of currencies. Brazil’s finance minister speaks of a latent currency war, and he is not far off the mark: it is in the currency markets that different economic policies and different economic and political systems interact and clash.