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Revaluing the Yuan: Where Politics and Economics Collide
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******************************** Revaluing the Yuan: Where Politics and Economics Collide http://knowledge.wharton.upenn.edu/index.cfm?fa=viewfeature&id=1219 As the Bush administration continues to pressure China to allow the yuan to rise against the dollar in order to stave off protectionist legislation in the U.S. Senate, Chinese officials continue to reply that they will not be coerced into taking action by a foreign government meddling in a matter of national sovereignty. Faculty members at Wharton and other China-watchers predict that China will eventually revalue the yuan, probably this year, because it is in China's own long-term interest to do so. These experts also note that the United States, by trying to force the issue in a vociferous, public manner, is possibly delaying the revaluation. In addition, they say, revaluing the yuan will not revitalize industries that have been battered by the movement of certain jobs to China, where labor and production costs are cheap.
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