Wen Jiabao responded to Obama’s call to revalue the Yuan’s exchange rate by saying that he doesn’t think that the Chinese currency is currently undervalued and there is no need to make any changes with regards to it. Wen’s statement comes in response to Obama’s comments on Mar 11, when he urged China to adopt market driven exchange rates. [Read more…]
Chinese Socialist Market Vitality
If you wonder how many balls it takes to use the word glorious in a speech to your legislature, if that is indeed the right word to describe a group of unelected officials, to describe the goals of the Chinese economy, it takes three. Thankfully for China, and at the expense of the rest of the world, Mr. Wen Jiabao has that extra ball and is not afraid to use it in a time of stagnant growth. [Read more…]
