More Powerful than Bernanke
Chinese leaders have warned before that loose monetary policies in the United States pose a serious challenge for emerging markets, but rarely in such strident language, a window onto the rising anger in Beijing.
“The dollar’s depreciation may appear to be market-driven. In reality, it is a depreciation colored by very strong, deliberate actions,” Li said in the paper, which serves as the chief mouthpiece of China’s ruling Communist Party.
The overseas edition of the People’s Daily is a smaller offshoot of the domestic edition.
Li said the Federal Reserve’s announcement that it might soon launch another round of quantitative easing by buying bonds and other financial assets had been the key factor pulling down the dollar.