From the Readers
Yuan not for the taking
(China Daily)
Updated: 2010-06-03 07:49
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Comment on "Yuan target of greedy speculators" (China Daily, May 21)
M. D. Nalapat is right in saying that people who are pressuring China to revaluate the yuan are the same group of speculators who created the world economic recession in the first place. They have put their money now on a revaluated yuan.
Nalapat says, rightly again, that none of these people have been punished for their crimes and the economic system that nearly brought down the world economy.
Let us hope the Chinese government plugs its ears against the song of these sirens. So far, the government has acted on behalf not only of its people, but also the ordinary people in the rest of the world. A good example of this is the government's serious attempt to control the real estate market and get many State-owned enterprises out of the property market.
The stakes are high and the money involved huge but there's little doubt that the government will not only keep its nerves, but also ensure that its officials implement its policies and enforce its laws strictly.
Ross Grainger, via e-mail
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(China Daily 06/03/2010 page9)