Why Beijing May Favor a “Slow and Steady” Rise For its Currency
Goldman Sachs economists argue that by allowing the renminbi to appreciate by 3-5 percent a year, Beijing can reconcile seemingly contradictory policy goals.
A clerk counts bills at a bank in Nantong, Jiangsu, China. Credit: IC Photo via Depositphotos
China’s manufacturing and export success is provoking growing anxiety among its trading partners. Amid the largest trade surplus in world history — likely over $1.2 trillion this year — calls for Chinese policymakers to ‘rebalance’ the economy towards domestic demand are growing louder. With goods imports from China surging, global policymakers are considering, or have enacted, various forms of trade protection. More recently, there has been increased interest in proposals for Chi
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