China Herald: China stops manipulating its currency and gets the flak from Washington

Sara Hsu

Financial analyst Sara Hsu strongly disagrees with former US ambassador to the UN John Bolt as he accuses China it manipulated its currency by the recent devaluation. China is just doing what politicians in Washington have asked them to do, Hsu argues in PressTV "They wanted China to become more market oriented."

PressTV:

“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.

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