Get ready for a huge shift in the global debate on the Chinese renminbi, says Stephen Green, head of research, greater China, at Standard Chartered.
“If China does not make an obvious move away from its US dollar peg in the next month, Washington could impose trade sanctions,” says Mr Green. “How China responds will set the tone for global trade and foreign exchange markets for 2010.”
China says its managed currency peg is appropriate for the current economic environment. But with huge intervention required to control the exchange rate, the US Treasury has cause to declare the renminbi “manipulated” in its annual currencies report, due on April 15, says Standard Chartered.
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