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SEEING THE SIGHTS OF INDUSTRIAL CHINA: 2 FACTORIES, 2 FUTURES

Joe Nocera

New York Times, April 5, 2008

“The RMB is killing me,” groaned Jin Jue. Mr. Jin, a hip-looking 35-year-old with spiky hair and an all-black ensemble, describes himself on his business card as the “board chairman” of the Shanghai Jinjue Fashion Company. It was my first full day in China, and Mr. Jin was showing me around his factory on the outskirts of town.

RMB, of course, is shorthand for renminbi, the Chinese currency, also known as the yuan, which, since the beginning of the year, has risen more than 4 percent against the declining dollar. Even as the Chinese economy has become increasingly powerful, the government has kept the yuan artificially low, much to the annoyance of the United States. Truth to tell, it is still not nearly as high as it would be if it were unmoored from government control. When the Treasury secretary, Henry Paulson Jr., was in Beijing this week, he praised the recent rise of the yuan though — as he invariably does when he’s in China — he called on Chinese officials to let their currency float freely.

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