In 1985, the world’s leading economic powers met at New York’s Plaza Hotel to deal with a currency so out of whack it was putting the entire global economy at risk. Today, the world needs another Plaza Accord, this one not to bring down an overvalued dollar but to push up China’s undervalued yuan. China’s […] The post Why the World Needs to Force China’s Yuan to Revalue appeared first on OODAloop.
Why does the world need to force the renminbi to appreciate? According to Ye Weiping, a senior commentator for The Wall Street Journal, a global currency agreement backed by tariffs may be the only way to get Beijing to change its export trade model.