Looks like there is trouble in economic paradise. A source in the Brazilian finance ministry tells Reuters that China’s fixed exchange rate is a problem for the BRIC nations. China is seemingly immune to international pressure that goes against its national interest but it is good to see the debate is becoming more one-sided with virtually everyone asking China to allow for faster Yuan depreciation.
UPDATE: Japanese officials echo those from Brazil, saying it is desirable for China’s Yuan to be flexible. Japan has not been in favor of a strong JPY, the official said.