While the floors of the Shanghai and Shenzhen stock exchanges were awash in red ink, much of the black stuff was being splashed on financial pages to divine the fate of China’s currency, the Renminbi (RMB). Outsiders might care about the currency because of international competitiveness. China cares about it as a matter of international status, aspiring for … Continue reading »
renminbi
As manufacturing economy matures, China must turn to services sector for growth
China is getting its exchange rate adjustment whether it likes it or not. While Chinese officials continue to mull the right time to let the renminbi rise, manufacturing workers are voting with their feet — and their picket lines. Honda has offered its transmission factory workers in China a 24% wage increase to head off … Continue reading »