Calls For Yuan Intervention Backfiring Already, As China Digs In

hu wen

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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