The United States are using China’s currency, the Renminbi, as a scapegoat to hide its economic problems are created by themselves, argues economic analyst Arthur Kroeber in The New York Times. China is using its currency as a development tool, as so many countries did in the past.
The New York Times:
Arthur Kroeber, managing director of GaveKal Dragonomics, a Beijing-based consultancy, said that when it came to the United States, in particular, “the renminbi is basically a proxy for frustration on two fronts.”
First, he said, the “vast majority of economic problems in the U.S. are self-created, but that’s an unpleasant truth to recognize and we’d rather blame the Chinese.”…
Mr. Kroeber agreed that the government’s currency policy mirrored development patterns in Japan, South Korea, Britain and even the United States.
“My perception is that the currency is part of a development strategy and the Chinese have used that in the same way it’s been used before by other countries,” Mr. Kroeber said.
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