Article
Dr. Albert Keidel
{
"authors": [
"Albert Keidel"
],
"type": "other",
"centerAffiliationAll": "dc",
"centers": [
"Carnegie Endowment for International Peace"
],
"collections": [],
"englishNewsletterAll": "asia",
"nonEnglishNewsletterAll": "",
"primaryCenter": "Carnegie Endowment for International Peace",
"programAffiliation": "AP",
"programs": [
"Asia"
],
"projects": [],
"regions": [
"China",
"North America",
"United States",
"East Asia"
],
"topics": [
"Economy",
"Trade",
"Military",
"Domestic Politics"
]
}
REQUIRED IMAGE
Other
China's Currency: Not the Problem
Published on Jun 15, 2005
Source: Carnegie Endowment
In Washington, politicians and pundits have settled on a single magical solution for the country's economic ills: getting China to revalue its currency, the RMB. By any reasonable economic measure, however, the RMB is not undervalued. China does have a trade surplus with the United States, but it has a trade deficit with the rest of the world. And China 's accumulation of dollar reserves is not the result of trade surpluses, but of large investment inflows caused in part by speculators' betting that China will yield to U.S. pressure. Focusing on China 's currency is a distraction. If the United States wants to improve its economy for the long haul, it had best look elsewhere, beginning with raising the productivity of American workers.Click on the link above for the full text of this Carnegie publication.
A limited number of print copies are available.
Request a copy
About the Author
Albert Keidel is a senior associate at the Carnegie Endowment for International Peace in Washington, D.C. Through August 2004, he was Deputy Director of the Office of East Asian Nations in the U.S. Treasury Department, where he supervised its China desk and was its principal specialist on China exchange rate issues. Through the end of 2000 he served as senior economist in the World Bank's Beijing office. Since the latter 1980s he has taught graduate courses on China's economy variously at Johns Hopkins University School of Advance International Studies, George Washington University, and Georgetown University. His recent writings include Exchange-Rate Regimes and Capital Flows in East Asia, Prospects for Continued High Economic Growth in China, China 's G8 Impact, and The Economic Basis for Social Unrest in China. His Ph.D. in Economics is from Harvard University. He speaks and reads Mandarin Chinese.
About the Author
Dr. Albert Keidel
Former Senior Associate, China Program
Keidel served as acting director and deputy director for the Office of East Asian Nations at the U.S. Department of the Treasury. Before joining Treasury in 2001, he covered economic trends, system reforms, poverty, and country risk as a senior economist in the World Bank office in Beijing.
- As China's Exports Drop, Can Domestic Demand Drive Growth?
- China’s Fourth Quarter 2008 Statistical RecordArticle
Dr. Albert Keidel
Recent Work
Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.
More Work from Carnegie Russia Eurasia Center
- After Ilia II: What Will a New Patriarch Mean for Georgia?Commentary
The front-runner to succeed Ilia II, Metropolitan Shio, is prone to harsh anti-Western rhetoric and frequent criticism of “liberal ideologies” that he claims threaten the Georgian state. This raises fears that under his leadership the Georgian Orthodox Church will lose its unifying role and become an instrument of ultraconservative ideology.
Bashir Kitachaev
- Lukashenko’s Bromance With Trump Has a Sell-By DateCommentary
Lukashenko is willing to make big sacrifices for an invitation to Mar-a-Lago or the White House. He also knows that the clock is ticking: he must squeeze as much out of the Trump administration as he can before congressional elections in November leave Trump hamstrung or distracted.
Artyom Shraibman
- What the Russian Energy Sector Stands to Gain From War in the Middle EastCommentary
The future trajectory of the U.S.-Iran war remains uncertain, but its impact on global energy trade flows and ties will be far-reaching. Moscow is likely to become a key beneficiary of these changes; the crisis in the Gulf also strengthens Russia’s hand in its relationships with China and India, where advantages might prove more durable.
Sergey Vakulenko
- Beyond Oil: Hormuz Closure Puts Russia in the Lead in the Fertilizer MarketCommentary
The Kremlin expects to not only profit from rising fertilizer prices but also exact revenge for the collapse of the 2023 grain deal.
Alexandra Prokopenko
- “Mr. Nobody Against Putin”: A Deep Dive Into Russian PropagandaCommentary
Talankin and Borenstein’s documentary is a unique inside look at a regime that threatens the world and has killed thousands of people in its neighboring country. And many critics and general viewers alike draw parallels between the Putin regime and their own governments.
Ekaterina Barabash
