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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: mishedlo who wrote (22922)	2/4/2005 8:00:57 PM
From: RealMuLan	Read Replies (1) of 116555

[The overall trade surplus of China will be gone with no effort needed<g>]--"China offers trade salve" By Gary Duncan THE head of China’s central bank yesterday offered an olive branch to US critics of his country’s refusal to move more quickly to remove the yuan’s peg to the dollar. In an attempt to salve Beijing’s fractious relations with Washington over the issue, Zhou Xiaochuan, Governor of the People’s Bank of China, said that China would pursue moves to eliminate its world trade surplus. Washington is demanding that China revalue its local currency and scrap its peg to the dollar, which US critics blame for a flow of cheap Chinese imports into the US. In a further apparent overture to the US, Mr Zhou said that Chinese authorities wanted to take action to boost domestic consumer spending. Such steps would be aimed at shifting Chinese economic activity away from excessive investment into greater consumption but could also boost exports to China from the US and other Western economies. There is little expectation of a move on the yuan by China at today’s G7 meetings, however. Mr Zhou avoided discussing foreign exchange policy yesterday. business.timesonline.co.uk

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