I do not see much desire on behalf of the Chinese government to move away from pegging the Yuan to the US Dollar.
This statement from the WSJ sums things up:
"Mr. Wen signaled no change in the government's approach to managing the yuan's exchange rate, despite complaints from the U.S. and other countries that the yuan is unfairly cheap, giving an unfair advantage to its exporters."
Black, Aaron, 2011. China stresses stability amid further growth. The Wall Street Journal, Mar. 6.
The continuation of this policy is seriously disrupting global capital flows and hurting the U.S. economy.
Trade with China is not a win-win situation anymore.
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