Olivier Blanchard chief economist of the International Monetary Fund (IMF) said a 20% appreciation of the renminbi or RMB (still often referred to as the yuan), along with a similar currency appreciation by other emerging Asian economic entities may lead to an increase of about 1% of the US gross domestic product,said, basing the prediction on an IMF model.
He said, "This would be good news for US growth but this is clearly not enough by itself to sustain growth in the United States.’
China Daily reported that he said the appreciation of the RMB is not a panacea for the United States, nor for the rest of the world.
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