Hey What's China Up To?
Monkey see monkey do. China doesn't have a choice.
China's Premier Wen Jiabao said Sunday despite growing calls from trading partners for the yuan to appreciate, China won't succumb to any such pressure.
Demanding a stronger yuan while adopting trade protectionism at the same time by some foreign countries is meant to arrest China's development, Wen told the official Xinhua News Agency in an interview.
"Keeping the yuan's value basically steady is our contribution to the international community at a time when the world's major currencies have been devalued," Wen said.
Separately, Wen also said the government is highly concerned about excessive rises in property prices in some Chinese cities.
He repeated the pledge that the government will boost the supply of cheap public housing and clamp down on speculation in the real estate market.
Uhhh... clamp down on speculation in the real estate market except when they are doing it?
As I said, monkey see monkey do.