Il renminbi di nuovo sotto attacco

NEW HAVEN – La valuta cinese, il renminbi, si è andata indebolendo negli ultimi mesi e ciò ha resuscitato antiche accuse di manipolazione, svalutazione competitiva e mercantilismo stile “rubamazzo”. A metà aprile, il Tesoro degli Stati Uniti ha espresso "grave preoccupazione" per questo trend, sottolineando ciò che da tempo rappresenta una delle più controverse questioni di politica economica tra Stati Uniti e Cina.

Questo non è che un dibattito trito, nonché motivato politicamente e imbevuto di cattiva economia, che rende un pessimo servizio a entrambe le parti sviando l'attenzione da aspetti ben più importanti che riguardano le relazioni economiche Usa-Cina. Se portate all'estremo, le accuse dell'America rischiano di spingere le due più grandi economie mondiali verso lo scivoloso crinale degli attriti commerciali, del protezionismo o magari qualcosa di peggio.

Per cominciare, i fatti: nel periodo compreso tra il 14 gennaio 2014, data in cui ha raggiunto il suo valore di riferimento massimo, e il 25 aprile scorso, il renminbi si è deprezzato del 3,4% sul dollaro americano. Ciò fa seguito a un apprezzamento complessivo del 37% dal 21 luglio 2005, quando la Cina si è sganciata dal dollaro e ha riformato il proprio regime valutario spostandosi verso la cosiddetta "fluttuazione controllata". Rispetto all'inizio del percorso, quasi nove anni fa, il renminbi è ancora sopra del 32,5% rispetto al valore medio.

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