China y sus Desbalances

En los últimos meses, el superávit comercial de China ha venido dsiminuyendo y su moneda se ha fortalecido (apreciado). Hoy, en esta nota del NYT China’s Vanishing Trade Imbalance se presenta una discusión sobre las causas de estos fenómenos.

Pero también les comparto este editorial de Rogoff Why a More Flexible Renminbi Still Matters China’s economy is still plagued by massive imbalances, and moving to a more flexible exchange-rate regime would serve as a safety valve and shock absorber. CommentsThat said, the exchange rate has received far too much focus as a lightning rod for concerns over China’s growing engagement in the global economy. The link between the exchange rate and China’s pricing advantages in world markets is wildly exaggerated. At the same time, the exchange rate is by no means the most pressing macroeconomic problem facing China today. CommentsRather, the biggest concern is China’s chronic over-reliance on investment as a driver of growth.