If the Chinese are smart, they will just say that the speculative pressure of US "capitalists" is forcing their hand and although they were aiming at a smooth transition, facts of the ground compel them to float the currency. Then let the ROW compete with a floating RMB and see how the free marketers like that. Prediction — they would be squealing.
Project Syndicate
China’s Transparency Problem
Andrew Sheng, Distinguished Fellow of the Asia Global Institute at the University of Hong Kong and a member of the UNEP Advisory Council on Sustainable Finance, former chairman of the Hong Kong Securities and Futures Commission, and currently an adjunct professor at Tsinghua University; and Xiao Geng, Director of the IFF Institute, professor at the University of Hong Kong, and a fellow at its Asia Global Institute
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