48 Results for:

January 26, 2005

Financial Markets
China reads the Economist. Is the Renminbi undervalued?

While China’s delegation to Davos seems a bit less than enamored with the dollar, the People’s Bank of China seems have read last week’s Economist, and concluded that there is no need to change the …

October 27, 2004

Financial Markets
Morgan Stanley: China does not rely much on export led growth

Sometimes you read something and it makes you stop, because it is at odds with your existing sense of how the world economy is working. Drossos and Kinbrough’s argument that China does not rely on a…

September 29, 2005

Financial Markets
Has the IMF been asleep at the wheel, and ignored surveillance of exchange rates?

Tim Adams - the new US Treasury Under Secretary - thinks so: IMF Article IV requires that the IMF exercise "firm surveillance" over the exchange rate policies of members. After the collapse of the Br…

July 11, 2005

China
China posts a $9.7 (call it 10) billion trade surplus in June

The $10 billion monthly surplus in June puts China on track for an annual trade surplus of $100 billion or more.The data brought China’s trade surplus for the first half of the year to $39.65bn, alre…

September 15, 2005

Monetary Policy
Is Asia still accumulating reserves in financial self defense?

I think it is fair to say that I profoundly disagree with this week's Economics Focus column in the Economist, and therefore, I suspect, with the underlying Genbert, McCauley, Park and Persaud pa…

July 12, 2005

United States
Don’t worry, be happy. Trade deficits do not matter so long as US household wealth is rising

Michael Mandel thinks I am making a big mistake, albeit a very, very common one - worrying about rising US external debt rather than celebrating rising US household wealth. Brad is making the very…

December 31, 2005

United States
Some things I got (more or less) right

Unfortunately, this list is a bit shorter than the list of things I got wrong.  Still, I think my crystal ball got a few things right.The rise in China's current account surplus.  I - influenced …

January 11, 2006

China
China’s December trade

The most impressive part of China's most recent trade data:  18% y/y growth in December exports.  That pushed China's monthly exports up to $75.4 billion, and laid the basis for a $11 billion…

April 3, 2006

China
Grassley-Baucus-Adams? And (another) long rant about the Economist …

The Treasury doesn't want to declare China to be guilty of manipulation.   Picking a fight with one of your biggest creditors isn't smart.  Right now, no one is buying more US debt (China buy…

Grassley-Baucus-Adams?  And (another) long rant about the Economist …

January 11, 2005

Financial Markets
Not where we should want to be

It is not a good sign when market strategists say any mention of "fundamentals" is dollar negative. From Wednesday’s FT:Mr Snow reaffirmed that his administration’s concept of a "strong dollar" was …