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Akya, Chan

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Asia Times - China | 13/08/2015

View from abroad: Criticism of yuan devalutaion shows double standards

The downward slide of the yuan came to an end today, Friday, after three days. The criticism of the devaluation levelled over the past days by Western commentators shows double standards at work, states the Chinese daily Asia Times: "There is of course the whole 'pot calling kettle black' story which is what happens when European and US politicians start protesting about Chinese government 'intervention in free markets.' That sort of statement is of course very rich when it comes from countries where there hasn't been anything like a 'free market' for a while now. Remember ... the 'whatever it takes' mantra of the ECB which pushed it to buy dodgy government bonds all over Europe as it tried to keep a lid on borrowing costs; but this pushed the currency sharply lower due to the flood of new liquidity."

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