Yo, China, You're a Bad Influence, U.S. Official Says
China's inflexibility on exchange rates makes it hard to fix trade imbalances, says a senior Treasury official. Even worse, China's tempting neighboring countries to follow suit.
Remember when Mom warned you against doing something just because everyone else was doing it?
Well, Charles Collyns, the Treasury's assistant secretary for international affairs, is worried that the same thing might happen among China's neighbors. In a speech to the International Monetary Fund, Collyns issued yet another complaint about China's rigid exchange-rate policies, and also complained that other Asian countries were being encouraged to intervene in their currencies.
Hopefully he'll have more luck than Mom did.
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