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Strategies & Market Trends : China Warehouse- More Than Crockery
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To: RealMuLan who wrote (5129)7/6/2005 12:24:59 PM
From: RealMuLan  Read Replies (1) of 6370
 
Why U.S., Europe Fail to Notice Asian Consumers: Andy Mukherjee

``The behavior of China's real trade-weighted exchange rate over the past 15 years doesn't sit easily with the hypothesis that undervaluation has been a consistent element in China's development strategy,'' Goldstein and Lardy at the Institute of International Economics say.

Anderson put it more provocatively: ``There's hardly any relationship in Asia between exchange rates and current account balances.'' Weak domestic demand in Asia, he says, isn't so much a result of currency undervaluation. Rather, it's one of the two causes behind the region's growing current account surplus in the past few years, the other being a savings glut.

``Asia will spend and grow more in the years to come,'' said the UBS economist. ``Just not tomorrow.''
quote.bloomberg.com
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