Chart is background to June's 3.1% fall in 中国 exports. It shows real exchange rate, combination of nominal exchange rate & inflation, for major economies since before financial crisis. Japan -3.2%, US -7.2%, Eurozone -8.2%, China +30.3%. Severe competitive pressure on 中国展开全文
Protectionism marginal, globalisation remains main trend: 'the biggest trade policy story... exemplified most dramatically by the US. Imports from China surged from 0.5% of US domestic demand in 1990 to 5.2% by 2010.' Excellent FT article by A Subramanian 🔗 网页链接展开全文
Falling trend of world commodity prices continues - see charts. Commodity prices now 23% below maximum, 6% below year ago. Consequences: low inflationary pressure in China. But geopolitical instability will deepen as developing countries revenue from commodity exports falls展开全文
