Yuan og dollars: Kinas valutapolitik er en fordel for USA og Vesten

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Erhverv / Politik

800px-United_States_one_dollar_bill,_obverse_200x87.shkl.jpg Snyd og bedrag. Kina manipulerer sin valuta, og det er imod principperne for en fair og fri verdenshandel.

Sådan sagde Timothy F. Geithner før han tiltrådte som USA’s finansminister.

Men har han ret i det? Skader den kinesiske valutapolitik USA, spørger Greg Mankiw, der er professor i økonomi på Harvard. Spørgsmålet stiller han i denne op-ed i New York Times.

Critics of China say it is keeping the yuan undervalued to gain an advantage in the international marketplace. A cheaper yuan makes Chinese goods less expensive in the United States and American goods more expensive in China. As a result, American producers find it harder to compete with Chinese imports in the United States and to sell their own exports in China.

There is, however, another side to the story. The loss to American producers comes with a gain to the many millions of American consumers who prefer to pay less for the goods they buy.

Mr. Geithner and other China critics might also want to ponder how the Chinese keep the yuan undervalued. The essence of the policy is supplying yuan and demanding dollars on foreign-exchange markets. The dollars that China accumulates in these transactions are then invested in United States Treasury securities.

So when the Treasury secretary complains about the undervalued yuan, his message to the Chinese boils down to this: Stop lending us money.

:: Billedet er fra Wikipedia

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Hurtige klik fra Kina af Kim Rathcke Jensen. Jeg er journalist og BA i kinesisk. Jeg bor i Beijing, hvor jeg arbejder som Politikens korrespondent i Kina og Asien.

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