24 May 2005
Alf Young in The Herald is always worth reading. Today he is focused on the need for China to revalue its currency. But if, as he points out, the Chinese currency is undervalued when compared with the US dollar, then the resolution of the problem cannot solely lie with the Chinese. What is the US Government doing to reduce its external and fiscal deficits? Not a lot, it would appear; and whingeing about the Chinese Government's inertia is unlikely to make things better.