Sunday, April 24, 2005

China's exchange rate gets on Europe's nerves

It looks like the removal of textile quotas will be too much change all at once for the global economy. Not only is there backlash in the US, but also in Europe, not to mention a great deal of fear in other places like Central America, Colombia, Peru, Turkey, and other nations with significant textile industries. Unfortunately, China's reluctance to revalue could bring momentum behind the drive to bring back significant barriers to global trade.

The New York Times > Rise in Chinese Textile Imports Prompts Inquiry in Europe
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