China Would Be Funnier to Watch if I Weren't in the USKeep the finger off of the "buy now" button if you can, ok? It's just 8 hours, you'll live.
Chinese Premier Wen Jiabao rejected “unfair” calls for the yuan to appreciate and European leaders acknowledged that they had failed to shift the nation’s stance on its currency.
“Some countries are now calling for yuan appreciation while imposing trade protectionism on China, which is unfair and actually limits China’s development,” Wen said at a briefing in the Chinese city of Nanjing today. In the financial crisis, “a stable yuan is helpful to the development of the Chinese economy and the world’s economic recovery,” he added.
European officials indicated yesterday that they failed to convince China to loosen controls on the yuan that shelter Chinese exporters from the U.S. currency’s slide and make euro- region goods relatively less competitive. The euro has surged about 20 percent versus the dollar since Feb. 18, undermining the region’s recovery from the worst slump since World War II. The yuan is effectively pegged to the dollar.
“China will only adjust on its own terms and in its own time,” said Glenn Maguire, chief Asia-Pacific economist at Societe Generale SA in Hong Kong. “It’s decided that now is not the time to do that.”
Twelve-month non-deliverable yuan forwards rose 0.2 percent to 6.6275 per dollar as of 12:15 p.m. in Shanghai as the dollar declined against Asian currencies. China has kept the yuan at about 6.83 against the U.S. currency since July 2008. In the past year, the yuan fell more than 14 percent against the euro.
From a strategic standpoint, this is actually hilarious to watch. China isn't afraid of an easy game of chicken with the dollar and doesn't feel it is impolite to say as much. Fuck yeah, this would be more entertaining if it weren't a race to the bottom with the currency I get my paycheck in.
Or you can listen to Chinese human rights activist Fan Yafeng who said "Now on the Chinese mainland and internationally, it's widely believed that Obama's visit to China was a big failure."
Bwhahahahahaha. OMG! So what happened in China?!