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TEXT OF STORY
STEVE CHIOTAKIS: We’re gonna get import and export numbers out of Washington this morning. That’ll give us an idea of how the U.S. is faring in the global marketplace.
In China, we found out today exports reached a new high in November. Sounds like good news, right?
Marketplace’s China Bureau Chief Rob Schmitz reports, it may be too much of a good thing.
ROB SCHMITZ: China’s exports are up a third over last year. Imports even more. But don’t celebrate yet, Beijing.
LIU LI-GANG: This will certainly add a lot of pressure for China to appreciate its currency faster.
Economist Liu Li-Gang says from now on, news of good times in China will produce an international response sort of like: we’re happy you’re doing so well, but there’s this currency thing. U.S. lawmakers would like China to hurry up the appreciation of its currency because they say cheap Chinese exports have taken away American jobs. Economist Liu says allowing China’s currency to appreciate would be good for China, too — making the Renminbi worth more may turn more Chinese into consumers, which would help balance an economy that’s weighed heavily towards exports and investment.
In Shanghai, I’m Rob Schmitz, for Marketplace.
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