Global+Interdependence-+China

[|China refuses currency (Yuan) reform] The Chinese government is refusing to take a currency reform. It wants its currency to become a major force in world trade and finance. Which is completely understandable, but it is uncalled for, considering that they are just doing what they want, not what the world needs, and can afford. Also, China is still poor, and wants that to change. The US also recieves a large amount of low-cost imports from China and has also gotten help in financing a big part of its budget and current account deficits. China is still very dependent on US export markets and continues to look to US Treasury bond markets to park a big portion of its rapidly rising stock of forein exchange. Over the past year, the US has become less dependent on China's financing of its deficits. This also could be a great reason why China wants to raise the cost of Yuan, because so much of their trade comes from the US, and if the US doesnt give the Chinese as much as they used to, the Chinese wouldnt get as much as they were before.