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July 21, 2005

China shifts to a basket peg

But the change against the dollar is small.  Very small. Too small in my view to have much of an economic impact, in any way.  On trade flows.  Or on capital flows.  I would still bet on a furth…

November 17, 2005

China
Can the Pentagon balance Chinese power …

with money the Treasury borrows from China?  Ok, China, Russia and Saudi Arabia ... The answer so far has been yes.   The Pentagon - or at least influential voices in the Pentagon - want to discoura…

February 23, 2006

United States
Selling off pieces of yourself (or not)

The 2006 US current account deficit looks to be a bit under $1 trillion.  $1 trillion sounds big, but remember, the annualized fourth quarter current account deficit will almost certainly be close to…

April 28, 2006

Why does China have a looser monetary policy than the United States?

We know why the global economy grew strongly in the first quarter.   Nothing changed.  Or rather, the basic pattern that has driven global growth for the past few years intensified.The US continued t…

May 20, 2008

Financial Markets
Good question

Michael Phillips in Monday’s Wall Street Journal: If there’s one message the Bush administration has been trying to hammer home to Chinese leaders, it is this: A major country with a huge trade surp…