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Thread: How far will RMB go?
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[quote=JIMMYB,268741]Thanks for explaining, Marrie. You are really an economist. "U$1: RMB 3.5 is a disaster. China is able to make its currency strong as long as it is willing to use modern infrastructure at the expense of millions of millions of labors losing jobs – social chaos and turmoil." 1 : 3.5? Will US dollar depreciate so much? If it were true, US economy would collapse. I don't think US and China will let this happen. In 1997, China started its reform in state-owned enterprises. The government wanted to improve state-owned corporations' competence by reducing the staff and reorgnizing assets. But the reality was that many people had lost their jobs and those bosses had gain much profits from reorgnization. Finally, many enterprised went bankrupt. So far, many people still stay at home and dont' got jobs yet. If millions of millions of labors lose their jobs, social chaos and turmoil will break out. The government won't let this happen. [/quote]
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