Chinese Communist Currency Policy
The Communists in China are very unaccustomed to competition. They run pretty much everything and can pretty much do away with any dissention.They've pegged their currency value to the US dollar at a rate where US goods will always be expensive, and their goods will always be cheap. Europe is all but locked out of their markets.
The world is getting upset at the Chinese for their unfair, non-competitive currency policy. Not unpredictably, the Chinese have no interest in modifying their currency policy, as it artificially keeps their goods cheap and keeps the goods of others expensive.
Their first response was in essence "We'll change it when we're good and ready". Today, they announced the opening of a Chinese currency exchange which allows trading on every major currency except the Chinese Yuan.
The Chinese have no motivation to change the status quo, unless the US and EU decide to get tough, which won't happen.
posted by cookies @ 7:24 AM
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