“I would strongly disagree with what former US ambassador John Bolton has said and I would fall in line with what China is stating in terms of the motivation for its devaluation,” said Hsu, who is also a research director at the Asia Financial Risk Think Tank.
“If they [China] were attempting to devalue their currency in order to boost exports, they would have had to devalue that by even more because the little that they did, devalue the currency, it doesn’t quite make sense in terms of promoting exports,” she added.
“This also flies in the face of their attempts to structurally reform and move away from an export-led and manufacturing-led economy to a more service-based economy,” the academic noted.More in PressTV.
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