Prospered by devaluing its currency

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Reference no: EM131114642

Evaluate the statements by Rep. Ryan and Premier Wen Jiabao, in light of the graph that follows them. The graph shows U.S. imports from China (red) and the exchange rate of the dollar in Chinese Yuan (blue). “Name me a nation in history that has prospered by devaluing its currency.” - Rep. Paul Ryan (R-WI), 11/21/2010 “What I don’t understand is depreciating one’s own currency . . . for the purpose of increasing exports. In my view, that is protectionism.” – Wen Jiabao, Premier of China, 3/14/2010. Also, based on this graph (blue is the exchange rate of the Chinese Yuan, red is US imports from China), why might you say that Santa lives in Beijing, not the North Pole?

Reference no: EM131114642

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