Europe, Japan back China on yuan

Story dated 07 June 2005

China claims that keeping its currency's (the yuan's) value pegged to that of the dollar (which hurts the American economy) will aid it's reform efforts. Excuse me? What reforms? I keep hearing that China is much more capitalistic now. Well, what good is this when the tyrants of Beijing lock up anyone who says anything contrary to the government line? This is not reform, people. In any case, it seems that Europe and Japan believe that China is undergoing true reforms. Or maybe it's just that they want preferred access to China's growing market. Note to Congress: pass the Fair Tax and this will not be a problem at all for our economy.

posted by The Sovereign Editor | 11:29 AM

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