views

Lower renminbi “would hurt US”

The chief economist for the World Bank has said that if China were to revalue its currency it would actually hurt rather than help the US economy. Speaking on China’s role in the world economy, Justin Yifu Lin said critics who claim an intentionally undervalued Chinese currency is a hampering US growth are wrong. Lin said the cost of those goods would rise for US consumers and that would depress both consumer spending and job creation in the United States.