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RMB rise may lead buying shifting to other countries
12
Oct '10
According to the Nobel economics laureate Mr. Joseph Stiglitz, Renminbi (RMB) appreciation will not resolve the issue of global imbalance as the US will keep on experiencing large trade deficit.

The country will not recommence textile and apparel production, but it may start importing textile products from the countries like Bangladesh and Sri Lanka and also will continue sourcing from other countries, added Mr. Joseph while addressing media professionals in Columbia University.

He said that the household saving rate of the US is slipping down to zero and the government, national saving rate is still the same owing to the increasing trade deficit. Also, the current monitory policy in the US and the EU is improper which is impacting global growth, he observed.

Fibre2fashion News Desk - India

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