BANKRUPT BANKER
U.S. is currency war's tomb maker: China economist Reuters: "United States fired the first shot in the currency war and the rest of the world must be on guard for its deliberate strategy to devalue the dollar, a Chinese economist said in an official newspaper on Thursday.
In a front-page commentary in the overseas edition of the People's Daily, Li Xiangyang described the United States as the conflict's 'first maker of tomb figures,' a Chinese idiom that means someone who creates a bad precedent.
Li, head of the Asia department at the Chinese Academy of Social Sciences, a top government think tank, said continued intervention in currency markets by developed economies would deal a blow to global economic recovery.
Chinese leaders have warned before that loose monetary policies in the United States pose a serious challenge for emerging markets, but rarely in such strident language, a window onto the rising anger in Beijing.
'The dollar's depreciation may appear to be market-driven. In reality, it is a depreciation colored by very strong, deliberate actions,' Li said in the paper, which serves as the chief mouthpiece of China's ruling Communist Party."
