Skip to content

CRN: Two Deeper Reasons for the U.S. to Attack the RMB Exchange Rate

China Review News (CRN) recently republished an article from Shanghai based Wen Hui Daily on the U.S. “currency war” against China. The article indicated that there are two “deeper” reasons behind the U.S. strategy: (1) pushing the RMB exchange rate higher will serve to suppress China’s rise as a world power; (2) Obama is using China as a scapegoat for his losses in the recent mid-term elections. The article suggested that the U.S. strategy is to remain the sole leader of the world, and China is now seen as a “serious challenge” to the status quo. The article’s author believes that, as the biggest currency manipulator in the world market, the United States’ attitude towards China is “the devil calling sin bad.”

Source: China Review News, November 25, 2010