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The
mainstream view in the West has long held
that the renminbi is undervalued, and
has been advocating a revaluation of the
currency. Their insistence that currency
appreciation should happen through nominal
revaluation, rather than only through
real appreciation, is best understood
as reflective of speculative interests
and detrimental to the developmental interests
of China given that it would forfeit the
country’s ability to appreciate through
gradually rising wages, contrary to the
claims of those leading the debate in
the West.
Note: This is
also a G24 policy brief.
June 23, 2010.
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