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IMF Urges Freer Currency for China and India - India should make currency flexible and stop crying for outsourcing jobs in the name of globalization
There is an outcry in India about “Globalization”. But in the name of Globalization what India and China are doing is called straight cheating. You cannot have free trade and globalization if you manipulate your currency; keep it under valued to make yourself competitive. We are all for free trade and globalization provided Indian and Chinese currencies are allowed float in the open market like dollar, yen or euro.
Once India and China revalue their currency to a higher level, then only will it be a fair trade and globalization in real sense. Right now it Indian oligarchs (software and call center company owners) and Western nations top rich elite who are benefiting the disparity of artificially manipulated currencies.
Asia's economies, and China in particular, should allow their currencies to appreciate by letting them float more freely against the dollar, International Monetary Fund Managing Director Rodrigo Rato said June 8. Rato added that changes to the region's currency regimes would not necessarily lead to immediate economic improvements.
It is just a question of time before jobs that went to China and India come back to the America and Europe if currency parity is reached. India and China is busy keeping their currencies artificially devalued while their Foreign Exchange Reserves are skyrocketing.
BIZ/FINANCE ARTICLES
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