NEW YORK - The appreciation of the Chinese currency, the yuan, would not be a great help in reducing the US trade deficit and creating jobs, a Chinese economist said in New York Monday.
Even if China is forced to give up exporting some of its products once the yuan appreciates, the United States will still have to buy those products, which it usually does not manufacture, from other countries -- which neither helps bring down its trade deficit nor create jobs
"In general, our research shows that the impact of the yuan's appreciation on the economies of China and the US is minor. The attempt to fix US economic problems by urging the yuan to appreciate is not effective,"
Source: chinadaily.com
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