After years of the US — prompted by US manufacturers — being the lone voice on the international stage pounding away on the issue of China’s manipulation of its currency, the G-7 Finance Ministers, meeting this weekend, agreed that China needs to allow faster appreciation of its currency and lessen reliance on export-led growth strategies.
This really is a significant development. In the world of international diplomacy, gaining the assent of this influential group is huge. We hope this will further pressure China to let its currency float a bit more freely than in the past.
Here’s a link to our press release, praising the G-7’s action, noting its significance but also stressing the need to translate it into action.
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