China's current account surplus is now a major component of global imbalances, and its continuation risks undermining support for the open trade policies which have contributed so much to China's development. China is now simply too large to rely on export-led growth to pick up the slack when other sources of growth falter.
More Quotes from Timothy Adams:
As a result neither China, nor the global economy, has reaped the benefits of a more flexible exchange rate.Timothy Adams
This is just yet another step on the road to Iraq's normalization with the global financial community. We see this as solid forward progress.
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It's more than it was but not enough, and it just goes to show that with these growth rates that they can actually do more.
Timothy Adams
What we tried to do is take a quantum leap in sophistication and scope. It gives you a picture of the truly complex nature of what we are trying to do.
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We're going to give them the benefit of the doubt that they will do what they say they are going to do. We would just urge them to undertake a quicker pace of reform.
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