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    China's Not-So-New Currency Policy

    Beijing finally made a move on exchange rates, probably. Assuming there is some action to go with the People’s Bank of China’s stilted language, two critical errors are being made in the international response. The first concerns the nature of the change. The one-line summary, in China and elsewhere, is … More

    US-China Trade: Only A Temporary Reprieve

    Today’s papers give the impression of a collective exhale on U.S.-China relations. Chinese President Hu Jintao is coming to Washington for a global nuclear security summit and that means a trade war over exchange rates has been averted. However, a better term than “averted” is “postponed.” It is probably true … More

    What Won’t Work With China, And What Might

    The New York Times, Washington Post, and others today ran front-page stories on economic and political disagreements the U.S. has with China. The headlines mostly distract from the real issue. China is nowhere close to a global military power but it is becoming a global economic power. It is therefore … More

    Has the Chinese Investment Wave Begun?

    The wire services have seized on a comment by a Chinese official that the PRC’s official foreign reserves actually fell in October. This is the first drop in almost five years, during which time China’s reserves went from $400 billion to $1.9 trillion. The decline hasn’t been confirmed, much less … More