Sander Tordoir @sandertordoir.bsky.social · 11/08/2026I also agree that the advice to let China do all the adjustment via slow internal rebalancing lets Beijing off the hook too easily. A good line: “The yuan is part of the policy architecture that shapes global imbalances, not a decorative outcome that sits outside it.” 4/ 1120
Sander Tordoir @sandertordoir.bsky.social · 11/08/2026There are of course costs to a yuan revaluation - which Nageswaran and Srinivas acknowledge. But there are upsides for China too. They note, like I did, that in a world where China imports mainly commodities it’d bring a positive income shock as well. 5/ 1112
Sander Tordoir @sandertordoir.bsky.social · 11/08/2026Perhaps most importantly the piece underscores the drag on growth experienced by many emerging markets from the excess supply and lack of demand China provides to the global economy. Many in Europe and beyond would agree. 6/6 www.economist.com/by-invitatio...economist.comThe yuan is more than a symptom of global imbalancesTreating it as a mere by-product of deeper distortions lets China off too easily, argue Anantha Nageswaran and P.S. Srinivas 0194