The Global Exchange Rate Regime and Implications for East Asia Currencies
Author
John Williamson
Date
2003-10-28
Views
7622
John_Williamson_The_Global_Exchange_Rate_Regime_and_Implications_for_East_Asia_Currencies
The Global Exchange Rate Regime and Implicaitons for East Asia Currencies
- Speaker: John Williamson, Senior Fellow, Institute for International Economics
- Date: October 21, 2003.
"I think the [Bush] administration really messed up when it asked the Chinese to abolish capital controls and float the renminbi. That is most definitely a prescription for disaster. Everybody knows the Chinese banking system is facing big problems. It has a lot of non-performing loans. There are so many Chinese households willing to take their money out of Chinese banks and put it in some other bank if given the opportunity, it seems to me you just have to accept that... It was absolutely reasonable for China to reject what the Bush administration proposed..."
The Global Exchange Rate Regime and Implicaitons for East Asia Currencies
- Speaker: John Williamson, Senior Fellow, Institute for International Economics
- Date: October 21, 2003.
"I think the [Bush] administration really messed up when it asked the Chinese to abolish capital controls and float the renminbi. That is most definitely a prescription for disaster. Everybody knows the Chinese banking system is facing big problems. It has a lot of non-performing loans. There are so many Chinese households willing to take their money out of Chinese banks and put it in some other bank if given the opportunity, it seems to me you just have to accept that... It was absolutely reasonable for China to reject what the Bush administration proposed..."
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