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By Philippe Legrain ADD COMMENTS

The US and others seem to believe that China’s currency is the biggest obstacle to the global recovery.

That is highly debatable, as I argued on VoxEU.

In any case, the Chinese renminbi is up 3.1% against the dollar over the past 12 months.

And since inflation is 4.4% in China and only 1.1% in the US, in real terms it is up 6.4%.

Would a faster appreciation really do more good than harm?

Economies cannot adjust painlessly overnight.

Posted 11 Nov 2010 in Blog

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