Chinese Premier Wen Jiabao Warns European Leaders to Back Down on the Yuan Pressure
As reported at the Wall Street Journal recently, once again exemplifying what those of us in the know, which typically means, those of who actually live in China, understand quite clearly; Pushing China on a Yuan revaluation is a very bad, short-sighted policy that is going to lead to escalating conflicts and make matters worse.
Premier Wen’s statement to European leaders is unequivocal. Wen said “If the yuan is not stable, it will bring disaster to China and the world. … Don’t join the chorus pressing to revalue the yuan,” One can conclude he is stating that revaluing the yuan does not serve China’s current interests and needs and therefore, to find other means to deal with the world’s economic problems.
China, it seems easy to suggest, did not engage in or create the deplorable financial shenanigans resulting in the economic crisis and the underlying instability of the U.S. banking system, which fleeced the American middle-class and now threatens the entire global economy. For example, even today, it is my understanding that U.S. banks, which are showing outrageous profit numbers, are hoarding trillions in assets, rather than working with top leaders to figure out how to rebuild the U.S. economy on solid long-term ground. All signs point that the U.S. bankers have other priorities.
The Financial Times quoted Wen on the yuan issue as saying “…we would have to close down [and] migrant workers would have to return to their village.”
Mario Cavolo
Shanghai
Top executives across Asia appreciate and follow Mario’s advisory on communications strategy and skills along with his insightful views on China’s affairs across the global landscape. Author of The New Reality, you can order the e-book version right now for only $7.00 and enjoy 111 pages instantly delivered to your email box.
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