Declaring trade peace might be the best way to get a cheaper dollar
the euro zone’s sovereign-debt crisis escalated, the euro fell sharply, from $1.45 to $1.19. Soon the talk in America was of a second round of quantitative easing by the Federal Reserve. Was this a coincidence? Many in euro land thought not., as it came to be known, seemed to them to be mostly a means to a weaker dollar. The grumbles went beyond Europe. That September Guido Mantega, Brazil’s finance minister, said his country was under fire in an international currency war.
Any hints that Beijing may be prepared to let the yuan go beyond seven are thus significant. Simon Derrick ofMellon points to two developments in this regard. The first is the publication in late May of a seemingly well-sourced article in theon trade negotiations with America. A sticking point, it said, was the yuan. China favours currency “flexibility”—not for an export advantage but to ensure stability. America is unsympathetic.
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