I Get By With Alittle Help From My Friends....

Dinar Outcast


You are not connected. Please login or register

Mexico tells China it must revalue currency

View previous topic View next topic Go down  Message [Page 1 of 1]

1 Mexico tells China it must revalue currency on Wed May 05, 2010 6:23 am

Guest


Guest
Mexico tells China it must revalue currency


May 5, 2010
8:31amby Geoff Dyer
| Share



More pressure on China over its currency from the ranks of the developing world - this time from Mexico.

Mexican economy minister Gerardo Ruiz told Reuters on Tuesday that his government would use the G20 summit in late June to lobby China to begin appreciating its currency.

“Policies that protect a currency are a kind of subsidy. China has to revalue,” he said. “If pressure were being applied, I think Mexico would be in a position to exercise pressure too.”

His comments come after both Brazil and India made their most public criticisms of China’s de facto currency peg two weeks ago. Such pressure from other developing countries is important because it makes it harder for China to argue the debate about its currency policy is just a US attempt to find scapegoats for the Great Recession.

As Sebastian Mallaby at the Council on Foreign Relations puts it, “If the rich and emerging economies are united in asking China to revalue, it would be harder to dismiss the request as an example of superpower arrogance.”

China does not like the idea of becoming a punch bag at the G20 summit on June 26-27 in Toronto - which is one reason why many analysts are expecting China to resume appreciating its currency over the next few weeks. However, the diplomatic calendar is getting crowded. At the end of May, Tim Geithner and Hillary Clinton will be in Beijing for the Strategic and Economic Dialogue between the US and China. If the Chinese government were to make a move close to this summit, there would be plenty of nationalist voices at home accusing Beijing of caving into foreign pressure.


ROFL!!! LK it's in the news what we talked about yesterday!!!!!!!!!! Yup that "diplomatic calendar" sure is full!!!!

littlekracker


all i can say ck...is i believe we are on top of this KABOOM..alot of digging and nothing else in the way as far as i can find..since the imf/wb meetings and the info from that and the holdups that the imf said needed to be done before global rebalancing could be done, well, ITS ALL DONE!!!!!!!!!!!

View previous topic View next topic Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum