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Currency Wars ‘Side Show’ at China Summit: Market Pro
Posted By anomoleee On January 20, 2011 @ 9:54 am In World News | Comments Disabled
January 20, 2011
As Chinese President Hu meets with U.S. lawmakers and CEOs, the valuation of the yuan is a “side show” next to getting better treatment for U.S. businesses in China, James Rickards, sr. managing director at Tangent Capital, told CNBC on Wednesday.
“You could double the value of the Chinese yuan and it wouldn’t create one job in the United States,” said Rickards. “Chinese workers make 10 percent of what U.S. workers make. If you double the yuan and all of a sudden they make 20 percent, no one’s going to move jobs to the United States.”
Rickards pointed out that the banking, securities and futures industries came together to sign a letter on an “engaged China” yesterday.
“It reminds me of President McKinley from 1899 saying ‘open up your market let us in.’ This has been in American policy for 110 years,” Rickards added.
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