The Fed sets interest rates, not the US government. It’s not like DJT or Congress can lower or raise interest rates themselves, they can’t even apply pressure to the Fed beyond making appointments.
I’m not making any value judgements. As a once holder of RMB, I find inconvertibility to be a huge PITA, definitely unfair for those that have to hold it. As for trade issues, I don’t think the RMB is artificially valued in a way that seriously benefits Chinese trade, quite the contrary actually (it is artificially high, not low, ATM).
I’m not making any value judgements. As a once holder of RMB, I find inconvertibility to be a huge PITA, definitely unfair for those that have to hold it. As for trade issues, I don’t think the RMB is artificially valued in a way that seriously benefits Chinese trade, quite the contrary actually (it is artificially high, not low, ATM).