Shockingly, strong international pressure on China to revalue its currency is happening an opposite and unintended effect.
“Europe shouldn’t join the choir” clamoring for a higher yuan, Wen told a business conference yesterday before an EU- China summit in Brussels. “If the yuan isn’t stable, it will bring disaster to China and the world. If we increase the yuan by 20-40 per cent as some people are calling for, many of our factories will shut down and society will be in turmoil.”
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