Chinaman’s Chance

For those wondering what the official Chinese position is on the decline of the U.S. dollar, SimonWorld points to a Q&A that appeared in The People’s Daily. He also quotes Brad de Long’s calculation that "China is spending about $40 billion a year–2.5% of GDP–on its currency-support program." The U.S. dollar fell today despite comments from President George Bush and Treasury Secretary John Snow that they back reducing the deficits and supporting a strong U.S. currency.

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