Dean Baker — If China Moves Away from Holding Dollars Then It Will be Doing What Bush-Obama Requested

This change could go far toward reducing the U.S. trade deficit, especially if other developing countries follow China's lead as they have in the past. The result would be millions of new jobs and also an important boost to wages. In other words, if China follows through on the path suggested in this article it would be good news for most of the country. Importers like Walmart and companies that have established production facilities in China, like General Electric, might be less pleased.

CEPR
If China Moves Away from Holding Dollars Then It Will be Doing What Bush-Obama RequestedDean Baker

Would also mean higher prices on formerly imported goods now being made in the US unless US corporations could find other low-wage, low benefit, low worker protection countries to export to the US and save in USD. Indonesia?