Le Dollar et le Dragon

CAMBRIDGE – Les dirigeants américains font pression depuis quelques années sur les autorités chinoises pour qu’elles réévaluent leur devise. Ils considèrent que la sous-évaluation du renminbi constitue une concurrence déloyale, détruit les emplois et contribue au déficit budgétaire aux Etats-Unis. Comment devraient alors réagir les dirigeants Américains ?

Juste avant la réunion du G20 à Toronto, la Chine annonçait une formule qui permettrait une modeste appréciation du renminbi, mais certains députés américains demeurent dubitatifs et menacent d’augmenter les droits de douanes sur les produits chinois.

L’Amérique absorbe les importations chinoises, paye la Chine en dollars que la Chine conserve, amassant ainsi des réserves en devises étrangères de 2,5 trillions de dollars, dont la plupart sont détenus en bons du Trésor américain. Pour certains observateurs, cela représente un glissement fondamental dans l’équilibre global du pouvoir, parce que la Chine pourrait mettre les Etats-Unis à genou en menaçant de vendre ses dollars.

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