Currency Asymmetry, Global Imbalance, and Reform of International Monetary System
Prof. FAN, Gang,
National Economic Research Institute, Beijing, China
"...The currency disequilibrium is mainly due to the present system with USD as the international currency, and the persistent tendency of devaluation of USD since Nixon shock in 1970s and Plaza Accord in 1980s.
China’s “guilt”is that the wage has been growing less than labor productivity (about 1% per year), due to too many poor rural laborers with 1 dollar per day come to compete for better paid jobs..."
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