Guest Post: We Are All Currency Manipulators Now
November 28, 2012 - 3:32am
Submitted by John Aziz of Azizonomics We Are All Currency Manipulators Now The BBC reports: The US has decided not to declare China as having manipulated its currency to gain an unfair trade advantage. But the Treasury did say that China’s currency, the yuan, remains “significantly undervalued” and urged China to make further progress. In its semi-annual report, it said Beijing did not meet the criteria to be called a currency manipulator, which could have sparked US trade sanctions. Critics of China say it keeps the yuan low to keep its exports cheap. There’s a point that no-one in the establishment will admit. Every country with a central bank is by definition and without exception a currency manipulator. Every country that devalues its country to boost exports is a currency manipulator. Every country that bails out banks is a currency manipulator. Every ce...
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