China Is `Scared’ of U.S. Monetary Policy, Rogoff, Rickards Say


Catarina Saraiva and Kathleen Hays
Bloomberg
December 4, 2010

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Policy makers in China, which holds $883.5 billion in U.S. Treasuries, are concerned the nation with the world’s biggest economy is debasing its currency, according to Kenneth S. Rogoff and James Rickards.

The world is in the early stages of a currency war, said Rickards, chief financial and administrative officer of Oro Capital Advisors LLC. Rickards, Rogoff, a professor of economics and public policy at Harvard University, and Laurence H. Meyer, co-founder of Macroeconomic Advisers LLC, spoke today at the Bloomberg Hedge Funds 2010 conference in New York.

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The Federal Reserve’s “good old-fashioned monetary policy” does not intend to devalue the dollar, said Meyer, a former member of the Fed’s Board of Governors.

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