No. 1 takeaway from this excellent news analysis? I think China has to revalue the renminbi to keep U.S. — and European — protectionism at bay.
Of the two, in the long term, Euro protectionism has to worry Beijing more, in reality. If the dollar fades more, the euro, not the renminbi, becomes a new reserve currency, and the E.U. will fight China on trade issues in a more consistently aggressive way than the U.S.
Also per the story, the E.U. will push harder on carbon tariffs than will the U.S. I wish it were pushing harder right now.
Anyway, look at the full story for upcoming global financial issues.
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