BBC News: China defends currency policy.
“China has come under increasing pressure to adjust the value of the yuan, with many countries arguing that the currency is undervalued – thus giving Chinese exporters an advantage on the world market.
On Saturday, finance minister from the wealthy Group of Seven (G7) nations urged exchange rates to reflect economic strength, although they did not mention China by name.”
Did he mention that the G7 were willing to make concessions by dropping tarrif barriers and subsidies to their agricultural exports? I didn’t think so…
Double standards indeed. Making Trade Fair requires both sides of the fence to uphold fair trade rules. And it requires appropriate concessions be made to developing nations so that they can overcome years of disparity and the fierce competition in global markets that would destroy infant industries in such countries.