Interesting story making the rounds yesterday about eh EU and some other Asian countries weighing in on China’s currency manipulation. Apparently the EU went as far as to say that, “a more gradual flexibility of the yuan would be a good thing to have.” Yes it would. According to the AP story, the EU’s largest trade deficit by far is with China, hitting 106 billion euros ($128 billion) last year, up one-third from 2004. By comparison, our trade deficit with China is a whopping $202 billion. Let’s hope this adds to the pressure on China to stop manipulating its currency.
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