Here is a fantasy. During a press conference, the chairman of the People’s Bank of China, Zhou Xiaochuan, says: “The need to create jobs should concern everyone in China.” He explains that an undervalued yuan supports exports and a large trade surplus keeps away imports, which would take away Chinese jobs. Zhou does not mention any possible international dislocations from this stimulative currency policy.

><table width='100%' border=0 cellspacing=0><tr><td style='FONT-FAMILY: Arial; FONT-SIZE: 18px; FONT-WEIGHT: bold; COLOR: #0253B7;'>Turning Chinese</td></tr><tr><tr><td style='FONT-FAMILY: Arial; FONT-SIZE: 11px; FONT-WEIGHT: bold;'>The Chinese exchange rate and the American money supply are different, but the central bankers

Turning Chinese

The Chinese exchange rate and the American money supply are different, but the central bankers approach is identical: domestic goals first, second and third, with the global common good left for question time

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