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China's Currency & Economic Issues (Paperback, Illustrated Ed)
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China's Currency & Economic Issues (Paperback, Illustrated Ed)
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China has a policy of pegging its currency (the yuan) to the U.S.
dollar. If the yuan is undervalued against the dollar, there are
likely to be both benefits and costs to the U.S. economy. It would
mean that imported Chinese goods are cheaper than they would be if
the yuan were market determined. This lowers prices for U.S.
consumers and diminishes inflationary pressures. It also lowers
prices for U.S. firms that use imported inputs (such as parts) in
their production, making such firms more competitive. Critics of
China's peg point to the large and growing U.S. trade deficit with
China as evidence that the yuan is undervalued and harmful to the
U.S. economy. The relationship is more complex, for a number of
reasons. First, while China runs a large trade surplus with the
United States, it runs a significant trade deficit with the rest of
the world. Second, an increasing level of Chinese exports are from
foreign invested companies in China that have shifted production
there to take advantage of China's abundant low cost labour. Third,
the deficit masks the fact that China has become one of the fastest
growing markets for U.S. exports. Finally, the trade deficit with
China accounted for 23% of the sum of total U.S. bilateral trade
deficits in 2004, indicating that the overall trade deficit is not
caused by the exchange rate policy of one country, but rather the
shortfall between U.S. saving and investment. This book presents a
coherent examination of the details behind China's currency
policies as they relate to outside factors.
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