Moral Outrage
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China Daily Xinhua bashes US economic woes

China retaliated that China is being blamed for the economic woes of America’s own making, after President Barack Obama claimed Sunday that Beijing has “still not done enough” to revalue its currency. But Obama failed to mention the fact that the yuan has already appreciated by about 30 percent against the greenback in the past six years.

To many, the U.S. obsession with the issue of yuan exchange rate is a puzzle. It’s evident that forcing the yuan to appreciate will only result in massive bankruptcy of Chinese small- and medium-sized companies, while still leaving the problem of U.S. trade deficit unresolved.

Chinese President Hu Jintao told Obama on Sunday that appreciation of the yuan won’t help Washington solve its problems such as trade deficits and unemployment. In fact, China’s exchange policy is responsible, said Hu. Since the onset of U.S. subprime crisis in 2007, it was America’s domestic economic problems that triggered a disastrous financial crisis that swept the world.

Squeezing China, especially on the yuan, is an old trick in the run-up to the U.S. presidential election. Such a tactic of scape-goating others may attract some voters’ attention, but is definitely no solution to America’s real problems.

[Read full Xinhua article]

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