The former are coping with deflation, the latter with inflation. House of Representatives recently passed the Currency Reform for Fair Trade Act, which aims to influence China’s undervalued currency by targeting Chinese imports to the United States.The Fed’s latest round of QE has only aggravated this chasm. World’s second biggest exporter, Germany, recently urged China to loosen controls on the yuan’s exchange rate, warning that a trade war could result between competing export nations by keeping their currencies weak.With a population of over 1.3 billion, China is the fastest-growing major overseas market for the United States.
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The undervalued renminbi helps China’s export sector by making foreign imports more expensive, and Chinese exports cheaper in foreign markets.
It also encourages outsourcing production and jobs from the United States, contributing to unemployment here at home.
Brazil and Indonesia have joined China in criticizing the Fed for promoting the creation of asset bubbles in emerging economies, positing that they are vulnerable to potentially volatile capital inflows. Yet, it is important to note that while world’s emerging economies have only begun to use traditional instruments of monetary policy, mature economies have all but exhausted these traditional maneuvers.
This growing divide has pitted the growth and recovery of mature and emerging economies against one another.