Chinese May Strengthen Yuan
OPS_admin | Feb 27, 2010 | Comments 0
China, for years, has pegged its yuan to the U.S. dollar with the intent of always propping our currency up while holding the domestic currency down.
For many years the United States has seen its trade imbalance with China balloon. According to the United States Census Bureau, the U.S. had a $6 billion annual trade deficit with China in 1985. During the course of the next 24 years that deficit has grown almost every single year. In 2009 the total stood at $226.8 billion, that figure is expected to decrease slightly in 2010 but it will still likely be in the range of $200 billion or more.
The explanation for our trade deficits with Mexico and Canada are relatively simple, we import costly oil from these countries and NAFTA allowed us to ramp up outsourcing of manufacturing to their markets. If you took oil out of the equation we would still carry deficits with them, but they would be much smaller.
However, our deficit with China involves zero oil effect, it is all related to our demand for Chinese exported consumer goods.
Full Story: Chinese May Strengthen Yuan | Economy In Crisis.
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