The irony of China bashing
China has the strongest currency in the world. So why is Congress targeting China for having currency that is too weak?
For the past few months, only one currency apart from the yen, has appreciated in value against the U.S. dollar. That currency is of course the Chinese yuan. By contrast, the currencies of several other Asian countries and also Nordic countries with larger current account surpluses relative to GDP than China, like Denmark, Norway and Sweden have dropped more than 10%.Skip to next paragraph
Stefan is an economist currently working in Sweden.
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Yet the morons that have most of the seats in the U.S. Congress decides to target the country with the strongest currency, China, for having a too weak currency. What's next, they're gonna bash Saudi Arabia (who BTW also has a bigger relative surplus and a weaker currency than China) for not enforcing Islamic religious laws zealously enough?
The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. This post originally ran on stefanmikarlsson.blogspot.com.