Thursday, June 24, 2010

China Falls Victim to Greek Deficit Contagion

by Michael Pettis - BLOOMBERG, MAY 25, 2010China is under growing pressure from Asia, Europe and the U.S. to revalue its currency. Until recently, it even looked like we were about to embark on a sustained process of yuan revaluation fairly soon.The Greek crisis may have changed that. The 15 percent slide in the euro’s value against the yuan over the past six months has eroded Chinese

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