Too many dollars rolling off Washington’s printing presses are giving China a huge case of “imported inflation,” according to Chinese Commerce Minister Chen Deming.
"Given the current situation, companies have thought ahead and prepared for exchange rate fluctuations as well as an increase in labor costs," Chen said, Breitbart.com reports.
"But because the issuance of dollars is out of control, and international commodities prices are continuing to rise, China is confronted with imported inflation, which has created major uncertainties for businesses.”
While Beijing pledged several months ago that it would allow the yuan to trade more freely, U.S. and European policymakers believe the currency is still undervalued by as much as 40 percent.
Critics of China in the U.S. assert that the Chinese government is artificially undervaluing its currency to give itself an unfair advantage in exporting goods. (more)
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