Professor Jagdish Bhagwati is now blogging. It is good news. Even better news is that he seems regular with his comments. They are not sporadic. With Professor Bhagwati, one cannot offer the excuse that one did not understand where he stood and what he stood for.
His latest comment is on China-bashing on exchange rate. Suffice [...]
I had deliberately labelled this part 4. The first three parts appeared in May 2009. See here, here and here. Good friend Sushant sent me this post in ‘Foreign Policy’. It rehashes many old theories and expressions. That is why I had linked to all the three previous posts I had made on this topic. [...]
The U.S. Treasury released its twice-a-year report on exchange rates. Using the ‘FIND’ function in Acrobat Reader to look for ‘Renminbi’, leads to the following sentences:
Only the Chinese renminbi remained unchanged against the dollar in the second quarter. This lack of movement of the renminbi has contributed to upward pressure on more flexible currencies in [...]
If China convinces Asian nations that SDRs will evolve into a reserve currency with a yuan weighting, “then it may make sense for countries in the Asian region to start thinking right now about holding the yuan as a reserve asset,” Prasad said. “It’s a very clever way of trying to use something that everybody [...]
Geoff Dyer of the FT raises some questions on whether the Renminbi is really ready to become an international currency. I doubt if China desires that outcome any time in the near future. For now, it is just in a desperate mode about the US dollar and is trying to camouflage it with some bravado. [...]
In fact, I would go one step further. America could continue to work towards dollar depreciation without the fear that it would go into a free-fall since China would keep throwing sand in the wheels of the weak dollar juggernaut. Of course, that is the world of 2003-07 except that commodities, inflation and higher bond [...]
In recent weeks, there has been plenty of talk about the renminbi replacing the dollar as the global reserve currency. It was primarily triggered by the New York Times Op-Ed piece by Prof. Roubini, after his visit to China. It can be read here as well.
I suspect that the piece had more to do with [...]
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