i thought the US was urging China to do this. one news item indicates Greenspan thinks this is a positive step.
are you saying you disagree with the conventional wisdom on this?
http://today.reuters.com/business/ne...&imageid=&cap=
Beijing on Thursday abandoned a peg that kept the yuan at about 8.28 to the dollar and moved to a system that links the yuan to a basket of currencies, effectively raising the currency's value by 2.1 percent.
"I think they've been cautious and I think admirably so," Greenspan said. "But I look at it as a first step in a number of further adjustments as they invariably increase their participation in the world trading markets."so, my understanding has been that many in US have wanted China to act on this issue and now they have.China's currency peg had faced increasing fire in the U.S. Congress, with many lawmakers calling for punitive tariffs on cheaply priced Chinese imports unless the Asian trade giant revalued its currency.
U.S. manufacturers argued that China's currency was so undervalued that it amounted to an unfair trade subsidy that permitted a flood of cheap Chinese-made goods to bankrupt U.S. companies and cost tens of thousands of jobs.