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- The ECB president and other senior European officials will fly to China this weekend to try and convince government officials there to let its currency rise against the euro, although a similar trip two years ago accomplished little. A senior China official said China will keep the yuan "basically stable around reasonable, balanced levels," suggesting China's unlikely to buy into a faster yuan appreciation.
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This news story has 2 comments:
If anything, the pleading from Obama and the EU will DELAY this revaluation.
Power is worthwhile in its own sake for totalitarian dictatorships. Better to look to what is likely to be the European response to a blunt "No"...
We are likely to see Europe revert to protectionist tactics beyond those already installed.