EconoChina

A blog on Chinese economy & society

It’s time for the RMB card again!

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Facing declining approval ratings and stubbornly high unemployment rate, Obama is gearing up the RMB card again. After criticizing publicly how China should revaluate its currency, the New York Times ran a front page press release report on how China “skillfully using inconsistencies in international trade rules to spur its own economy at the expense of others.” The article is so entertaining that Yves Smith at Naked Capitalism is speculating that the Obama administration is going to start an open confrontation with China.

Now, I’d quit reading that piece of sleazy propaganda machine that calls itself newspaper after Li Wen Ho, but this sounds interesting so I’ve given it a look. Boy o boy, aren’t we a sore loser or what. How dare those sneaky Chinese exploiting perfectly legal loopholes to promote the interest of their people! Don’t they have no shame! Don’t they know the purpose of government is to be altruistically promoting the well being of other folks at the expense of their own?

The article is so entertaining that the comments page is choked full of funny, cynical remarks. Perhaps some poor intern is just trying to ram up support for Plaza Accord II. But unfortunately, China is not a military protectorate like Japan. And maybe even Japan is waking up to the unhealthy relationship, as the spat over base relocation in Okinawa sees no sign of ending yet.

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Written by Cindy Luk

March 16, 2010 at 1:50 am

Posted in China, trade

Tagged with , , ,

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