China official: dollar printing causing inflation

[defendandprotect]

China official: dollar printing causing inflation

China trade minister says excess printing of US dollars causing inflation shock

Elaine Kurtnbach, AP Business Writer, On Wednesday October 27, 2010, 5:55 am EDT

SHANGHAI (AP) -- Out-of-control printing of the U.S. dollar is forcing inflation on China, pushing up prices for commodities and labor, trade minister Chen Deming says in an escalation of rhetoric over currency and other tensions ahead of key international meetings.

Beijing has been chafing at U.S. pressure over its currency and massive imbalances in trade and investment that are symptomatic of deeper problems in the world economy -- Asia and China's addiction to weak currencies to boost their export-reliant economies and the legacy of debt-fueled consumption in the U.S.

Fearing a trade war that could send the world economy into reverse, finance chiefs from the Group of 20 leading advanced and developed nations last weekend vowed to avoid weakening their currencies. But they did not set specific targets for reducing imbalances such as China's huge trade surplus and the U.S. trade deficit.

"Uncontrolled printing of dollars and rising international prices for commodities are causing an imported inflationary 'shock' for China and are a key factor behind increasing uncertainty," the state-run newspaper China Business News quoted Chen as saying while attending the autumn session of the Canton Trade Fair.

http://finance.yahoo.com/news/China-official-dollar-apf-1263355013.html?x=0

[BzaDem]

1. Yeah, poor China doesn't get to keep stealing our jobs (by devaluing the yuan) without consequence.

Cry me a river.

[Toucano]

2. Awww, poor babies. Maybe you could let your own currency rise

like it should, and stop your practice of devaluation.

Every day you buy a billion dollars to keep the dollar artificially high, we'll print a billion dollars to fuck you up.

[tjwash]

3. Screw you China...don't blame the US because you fucked up even worse than we did.

They have been keeping their currency artificially low for over a decade now, and basically borrowing off the equity of it being artificially low, and exploiting a cheap labor pool to create that false boom they have going on. When their currency gets forced up soon, they are going to have the trade deficit of all trade deficits and an inevitable crash and burn will make the housing meltdown look tame by comparison.

[DavidDvorkin]

4. Sinophobia

If it's not a word yet, it probably will be soon. It's a predictable kneejerk reaction on DU these days.